Merchants Bank Mortgage Rates, Fees & Info

Winona, MN

LEI: 549300OZIFHR7THILC90

Tax ID: 41-0632402

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
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    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Merchants Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Merchants Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, La Crosse, Winona, Rochester, and Fergus Falls among others. We have data for 78 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Merchants Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Merchants Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 4.26% 12/16/24
    30 Year Conventional Purchase 6.41% 12/16/24
    30 Year Conventional Refi 6.37% 12/16/24
    30 Year Cash-out Refi 6.57% 12/16/24
    30 Year FHA Purchase 7.29% 12/16/24
    30 Year FHA Refi 6.27% 12/16/24
    30 Year VA Purchase 5.87% 12/16/24
    30 Year USDA Purchase 6.55% 12/16/24
    15 Year Conventional Purchase 5.72% 12/16/24
    15 Year Conventional Refi 5.86% 12/16/24
    15 Year Cash-out Refi 5.86% 12/16/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Merchants Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Merchants Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    4,287

    Origination Dollar Volume (All Markets)

    $906,345,000

    Employee count

    427 Show all (14) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 861 $213,515,000 $247,985 $3,901 2.99%
    Outside of Metro Areas 616 $127,680,000 $207,273 $3,415 2.88%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 466 $93,650,000 $200,966 $2,051 3.02%
    Winona, MN (FHA|USDA|VA) 617 $90,195,000 $146,183 $3,344 2.92%
    ROCHESTER, MN (FHA|USDA|VA) 434 $74,870,000 $172,512 $3,722 2.86%
    Fergus Falls, MN (FHA|USDA|VA) 246 $53,310,000 $216,707 $3,703 2.77%
    Red Wing, MN (FHA|USDA|VA) 258 $46,870,000 $181,667 $3,788 2.96%
    Brainerd, MN (FHA|USDA|VA) 162 $37,640,000 $232,346 $3,424 2.89%
    EAU CLAIRE, WI (FHA|USDA|VA) 91 $29,285,000 $321,813 $1,812 3.12%
    Faribault-Northfield, MN (FHA|USDA|VA) 99 $20,185,000 $203,889 $3,720 2.95%
    Austin, MN (FHA|USDA|VA) 11 $16,235,000 $1,475,909 $4,150 3.02%
    FARGO, ND-MN (FHA|USDA|VA) 31 $12,915,000 $416,613 $5,621 2.98%
    ST. CLOUD, MN (FHA|USDA|VA) 54 $12,720,000 $235,556 $3,678 2.77%
    MANKATO, MN (FHA|USDA|VA) 44 $7,800,000 $177,273 $3,884 2.93%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 29 $7,015,000 $241,897 $4,010 2.79%
    Alexandria, MN (FHA|USDA|VA) 29 $6,455,000 $222,586 $3,905 2.85%
    Marshall, MN (FHA|USDA|VA) 23 $5,405,000 $235,000 $3,120 2.85%
    Mason City, IA (FHA|USDA|VA) 29 $5,275,000 $181,897 $3,067 2.64%
    DULUTH, MN-WI (FHA|USDA|VA) 23 $4,005,000 $174,130 $3,782 3.20%
    Menomonie, WI (FHA|USDA|VA) 4 $3,870,000 $967,500 $0 3.04%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 11 $3,035,000 $275,909 $4,883 2.88%
    BISMARCK, ND (FHA|USDA|VA) 14 $3,030,000 $216,429 $3,648 2.72%
    Hutchinson, MN (FHA|USDA|VA) 15 $2,395,000 $159,667 $3,487 2.84%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 6 $2,230,000 $371,667 $8,099 3.13%
    Owatonna, MN (FHA|USDA|VA) 10 $1,840,000 $184,000 $3,576 2.85%
    Albert Lea, MN (FHA|USDA|VA) 9 $1,645,000 $182,778 $3,577 2.80%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 4 $1,560,000 $390,000 $2,529 3.09%
    Bemidji, MN (FHA|USDA|VA) 9 $1,505,000 $167,222 $3,142 2.94%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,145,000 $381,667 $7,544 3.01%
    Grand Rapids, MN (FHA|USDA|VA) 4 $1,080,000 $270,000 $3,189 2.93%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 5 $925,000 $185,000 $1,778 2.93%
    APPLETON, WI (FHA|USDA|VA) 5 $855,000 $171,000 $1,713 2.90%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 3 $765,000 $255,000 $3,740 2.98%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $760,000 $380,000 $6,159 3.34%
    Fairmont, MN (FHA|USDA|VA) 5 $695,000 $139,000 $3,951 2.88%
    Wahpeton, ND-MN (FHA|USDA|VA) 3 $615,000 $205,000 $4,242 3.23%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 2 $610,000 $305,000 $2,213 3.03%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 3 $605,000 $201,667 $1,302 2.48%
    Baraboo, WI (FHA|USDA|VA) 3 $575,000 $191,667 $2,491 3.01%
    Willmar, MN (FHA|USDA|VA) 2 $570,000 $285,000 $3,603 2.65%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $535,000 $535,000 $6,375 2.65%
    Minot, ND (FHA|USDA|VA) 2 $510,000 $255,000 $5,862 2.53%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $510,000 $255,000 $5,824 2.78%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $505,000 $505,000 $0 2.90%
    New Ulm, MN (FHA|USDA|VA) 1 $495,000 $495,000 $1,486 2.28%
    Outside of Metro Areas 1 $485,000 $485,000 $0 3.50%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $475,000 $475,000 $2,134 2.78%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $415,000 $415,000 $4,466 2.78%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $375,000 $375,000 $4,525 3.28%
    Sheridan, WY (FHA|USDA|VA) 1 $375,000 $375,000 $0 3.25%
    Show Low, AZ (FHA|USDA|VA) 1 $365,000 $365,000 $5,584 2.28%
    PUEBLO, CO (FHA|USDA|VA) 1 $355,000 $355,000 $6,727 3.03%
    BILLINGS, MT (FHA|USDA|VA) 1 $335,000 $335,000 $6,871 3.03%
    IOWA CITY, IA (FHA|USDA|VA) 2 $330,000 $165,000 $2,302 2.71%
    Marquette, MI (FHA|USDA|VA) 1 $305,000 $305,000 $2,891 3.15%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $305,000 $305,000 $0 3.40%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $295,000 $295,000 $5,338 2.90%
    Spearfish, SD (FHA|USDA|VA) 1 $285,000 $285,000 $4,625 2.40%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $275,000 $275,000 $0 3.65%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $275,000 $275,000 $2,537 3.15%
    RAPID CITY, SD (FHA|USDA|VA) 2 $270,000 $135,000 $3,135 2.78%
    Pella, IA (FHA|USDA|VA) 1 $265,000 $265,000 $4,083 2.90%
    Mitchell, SD (FHA|USDA|VA) 1 $255,000 $255,000 $4,674 2.78%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $255,000 $255,000 $4,672 3.03%
    TOLEDO, OH (FHA|USDA|VA) 1 $235,000 $235,000 $2,434 3.15%
    Georgetown, SC (FHA|USDA|VA) 1 $225,000 $225,000 $3,919 3.03%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $215,000 $215,000 $4,292 2.78%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $195,000 $195,000 $3,597 2.28%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $185,000 $185,000 $3,246 3.53%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $175,000 $175,000 $4,684 3.03%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $175,000 $175,000 $3,854 2.90%
    GREEN BAY, WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,335 3.78%
    Fairfield, IA (FHA|USDA|VA) 1 $135,000 $135,000 $1,909 2.53%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $115,000 $115,000 $1,565 2.90%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $115,000 $115,000 $2,953 4.00%
    Burlington, IA-IL (FHA|USDA|VA) 1 $95,000 $95,000 $1,404 3.90%
    Shawano, WI (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.50%
    Dickinson, ND (FHA|USDA|VA) 1 $55,000 $55,000 $2,731 3.28%
    Merchants Bank's top markets include Minneapolis, La Crosse, Winona, Rochester, and Fergus Falls among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Merchants Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Prevail Bank
    Similarity Rank: 88
    Firefighters Credit Union
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    Bank Forward
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    NORTHWOODS
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    Western National Bank
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    Forward Bank
    Similarity Rank: 400
    American Bank Center
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    SUPERIOR CHOICE
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    VERVE, A CREDIT UNION
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    Farmers & Merchants Savings Bank
    Similarity Rank: 720

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,489 $835,325,000 $239,417 $3,408 2.88%
    HELOC 723 $55,195,000 $76,342 n/a 3.16%
    VA 39 $8,965,000 $229,872 $5,603 2.48%
    FHA 24 $4,890,000 $203,750 $7,011 2.76%
    USDA 12 $1,970,000 $164,167 $5,214 2.61%

    For 2021, Merchants Bank's most frequently originated type of loan was Conventional, with 3,489 originations. Their 2nd most popular type was HELOC, with 723 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,404 $280,100,000 $199,501 $2,981 2.82%
    Home Purchase 1,385 $380,195,000 $274,509 $3,761 3.02%
    Cash Out Refi 994 $211,530,000 $212,807 $3,736 2.85%
    Other 316 $23,740,000 $75,127 $2,078 3.08%
    Home Improvement 188 $10,780,000 $57,340 $1,392 3.14%

    For 2021, Merchants Bank's most frequently cited loan purpose was Refi, with 1,404 originations. The 2nd most popular reason was Home Purchase, with 1,385 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,825 $560,425,000 $198,381 $3,630 3.05%
    15 Year 921 $176,265,000 $191,384 $3,200 2.41%
    20 Year 269 $61,415,000 $228,309 $3,471 3.07%
    10 Year 168 $44,190,000 $263,036 $2,698 2.91%
    Other 50 $33,290,000 $665,800 $2,668 3.82%
    5 Year 38 $25,970,000 $683,421 $245 3.70%
    1 Year 15 $4,755,000 $317,000 $0 3.98%
    3 Year 1 $35,000 $35,000 $0 3.75%

    For 2021, Merchants Bank's most frequently cited loan duration was 30 Year, with 2,825 originations. The 2nd most popular length was 15 Year, with 921 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,001 $233,705,000 $233,472
    $1k-2k 917 $131,355,000 $143,244
    $2k-3k 796 $169,550,000 $213,003
    $3k-4k 334 $99,150,000 $296,856
    $4k-5k 135 $50,105,000 $371,148
    $5k+ 87 $39,315,000 $451,897

    Merchants Bank's average total fees were $3,630, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,001 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 2,049 $402,655,000 $196,513
    3-4% 1,421 $342,555,000 $241,066
    <2.5% 721 $140,945,000 $195,485
    4-5% 94 $19,660,000 $209,149
    5-6% 1 $225,000 $225,000

    During 2021, Merchants Bank's average interest rate for loans was 3.05%, while their most frequently originated rate bucket for loans was 2.5-3%, with 2,049 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,540 $227,540,000 $147,753 $3,004 2.87%
    $200k-400k 1,378 $375,030,000 $272,155 $3,931 2.87%
    $100,000 or less 992 $56,690,000 $57,147 $2,325 3.07%
    $400k-600k 343 $164,835,000 $480,569 $4,818 2.93%
    $1MM+ 22 $72,880,000 $3,312,727 $0 3.51%
    $600k-1MM 12 $9,370,000 $780,833 $5,573 3.49%

    2021 saw Merchants Bank place emphasis on $100k-200k loans with 1,540 originations, totaling $227,540,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 936 $210,190,000 $224,562 $3,807 2.86%
    $50k-75k 931 $148,085,000 $159,060 $3,194 2.89%
    $75k-100k 765 $144,015,000 $188,255 $3,449 2.91%
    $50k or less 671 $80,755,000 $120,350 $2,944 2.90%
    $150k-250k 538 $135,620,000 $252,082 $3,956 2.93%
    $250k+ 203 $67,645,000 $333,227 $4,703 2.90%

    Merchants Bank lent most frequently to those with incomes in the $100k-150k range, with 936 originations. The second most popular income band? $50k-75k, with 931 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,156 $216,450,000 $187,240 $3,386 2.85%
    30-36% 843 $161,395,000 $191,453 $3,473 2.89%
    <20% 421 $76,405,000 $181,485 $3,368 2.83%
    38% 148 $27,180,000 $183,649 $3,526 2.90%
    43% 147 $32,685,000 $222,347 $3,564 2.98%
    39% 146 $29,720,000 $203,562 $3,352 2.96%
    37% 141 $27,945,000 $198,191 $3,478 2.90%
    40% 141 $25,115,000 $178,121 $3,250 2.94%
    41% 134 $23,380,000 $174,478 $3,795 2.90%
    36% 117 $23,575,000 $201,496 $3,399 2.92%
    44% 106 $21,530,000 $203,113 $3,759 3.02%
    45% 101 $23,175,000 $229,455 $3,875 2.89%
    42% 93 $20,255,000 $217,796 $3,693 2.89%
    48% 77 $17,385,000 $225,779 $3,461 2.79%
    47% 75 $14,535,000 $193,800 $3,545 2.87%
    46% 70 $16,000,000 $228,571 $3,439 2.82%
    49% 69 $18,305,000 $265,290 $3,848 2.82%
    50-60% 49 $9,835,000 $200,714 $4,168 3.11%
    >60% 25 $5,915,000 $236,600 $3,474 3.31%

    Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 1,156 originations. The next most common DTI ratio? 30-36%, with 843 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,783 $730,325,000 $193,054 $3,451 2.89%
    Not applicable 161 $106,485,000 $661,398 $0 3.70%
    Not provided 269 $54,925,000 $204,182 $3,796 3.07%
    Asian 45 $9,475,000 $210,556 $3,034 2.86%
    Black 12 $2,410,000 $200,833 $3,752 2.65%
    American Indian 11 $1,935,000 $175,909 $4,339 2.66%
    Other Asian 4 $740,000 $185,000 $2,555 3.03%
    Korean 1 $35,000 $35,000 $0 2.90%
    Japanese 1 $15,000 $15,000 $0 2.90%

    Approval Rates

    Total approvals of all applications
    96.90%

    Merchants Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    88.97%

    Merchants Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 4,287 $906,345,000 $211,417

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    4,287 $906,345,000 $211,417

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 474 $55,170,000 $116,392 $2,756 2.93%
    40-60% 748 $145,340,000 $194,305 $3,173 2.71%
    60-80% 1,618 $423,960,000 $262,027 $3,492 2.91%
    80-100% 979 $255,725,000 $261,210 $3,929 2.99%
    Over 100% 7 $4,365,000 $623,571 $5,928 3.36%
    Under 20% 459 $21,465,000 $46,765 $1,178 3.20%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Merchants and Medical Credit Corporation, Inc. Conventional home mortgage Struggling to pay mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Merchants Bank, National Association 100-106 East Third Street Winona, MN 55987 Full Service B&M $540,737
    Merchants Bank, National Association 101 Jessie Street West Rushford, MN 55971 Full Service B&M $57,614
    Merchants Bank, National Association 1130 Whitewater Avenue St. Charles, MN 55972 Full Service B&M $76,316
    Merchants Bank, National Association 115 West Washington Street Caledonia, MN 55921 Full Service B&M $71,223
    Merchants Bank, National Association 118 Parkway Avenue North Lanesboro, MN 55949 Full Service B&M $52,013
    Merchants Bank, National Association 126 West Main Street Spring Grove, MN 55974 Full Service B&M $43,742
    Merchants Bank, National Association 15055 Chippendale Avenue South Rosemount, MN 55068 Full Service B&M $48,490
    Merchants Bank, National Association 1525 Vermillion Street Hastings, MN 55033 Full Service B&M $88,773
    Merchants Bank, National Association 1600 Greenview Dr Sw Rochester, MN 55902 Full Service B&M $65,658
    Merchants Bank, National Association 1611 Honey Locust Drive Northfield, MN 55057 Full Service B&M $82,282
    Merchants Bank, National Association 18550 Joplin Avenue Lakeville, MN 55044 Full Service B&M $81,976
    Merchants Bank, National Association 20150 Highview Avenue Lakeville, MN 55044 Full Service B&M $45
    Merchants Bank, National Association 23280 Main Street Hampton, MN 55031 Full Service B&M $28,161
    Merchants Bank, National Association 2728 Mall Drive Eau Claire, WI 54701 Full Service B&M $91,218
    Merchants Bank, National Association 2835 South Service Drive Red Wing, MN 55066 Full Service B&M $137,034
    Merchants Bank, National Association 300 West Main Street Cannon Falls, MN 55009 Full Service B&M $136,320
    Merchants Bank, National Association 3140 Market Place Onalaska, WI 54650 Full Service B&M $193,343
    Merchants Bank, National Association 316 Main Street La Crescent, MN 55947 Full Service B&M $117,135
    Merchants Bank, National Association 329 Division Street Northfield, MN 55057 Full Service B&M $163,541
    Merchants Bank, National Association 3586 55th Street Nw Rochester, MN 55901 Full Service B&M $89,824
    Merchants Bank, National Association 4124 Sixth Street-Goodview Winona, MN 55987 Full Service B&M $29,784
    Merchants Bank, National Association 627 Mankato Avenue Winona, MN 55987 Full Service B&M $28,847
    Merchants Bank, National Association 7200 East Douglas Point Road South Cottage Grove, MN 55016 Full Service B&M $68,949
    Merchants Bank, National Association 7300 147th Street West, Suite 100 Apple Valley, MN 55124 Full Service B&M $100,522

    For 2021, Merchants Bank had 24 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $90,156
    Net interest income $83,173
    Total noninterest income $29,551
    Gross Fiduciary activities income $2,248
    Service charges on deposit accounts $2,018
    Trading account gains and fees $0
    Additional Noninterest Income $25,285
    Pre-tax net operating income $43,837
    Securities gains (or losses, -) $0
    Income before extraordinary items $32,166
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $32,166
    Minority interest net income $0
    Net income $32,166
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $32,166

    Merchants Bank's gross interest income from loans was $90,156,000.
    Merchants Bank's net interest income from loans was $83,173,000.
    Merchants Bank's fee based income from loans was $2,018,000.
    Merchants Bank's net income from loans was $32,166,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,983
    Provision for credit losses $-2,210
    Total noninterest expense $71,097
    Salaries and employee benefits $43,239
    Premises and equipment expense $3,915
    Additional noninterest expense $23,943
    Applicable income taxes $11,671
    Net charge-offs $760
    Cash dividends $8,152

    Merchants Bank's interest expense for loans was $6,983,000.
    Merchants Bank's payroll and benefits expense were $43,239,000.
    Merchants Bank's property, plant and equipment expenses $3,915,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.7%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $2,520,582
    Deposits held in domestic offices $2,520,582
    Deposits by Individuals, partnerships, and corporations $2,470,267
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $50,315
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $746,721
    Demand deposits $437,254
    Nontransaction accounts $1,773,861
    Money market deposit accounts (MMDAs) $883,641
    Other savings deposits (excluding MMDAs) $626,003
    Total time deposits $264,217
    Total time and savings deposits $2,083,328
    Noninterest-bearing deposits $623,002
    Interest-bearing deposits $1,897,580
    Retail deposits $2,461,329
    IRAs and Keogh plan accounts $49,039
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,820,664
    Cash & Balances due from depository institutions $849,409
    Interest-bearing balances $823,864
    Total securities $204,084
    Federal funds sold & reverse repurchase $413
    Net loans and leases $1,603,187
    Loan and leases loss allowance $28,650
    Trading account assets $0
    Bank premises and fixed assets $40,686
    Other real estate owned $964
    Goodwill and other intangibles $53,427
    All other assets $68,494

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,820,664
    Total Liabilities $2,547,407
    Total deposits $2,520,582
    Interest-bearing deposits $1,897,580
    Deposits held in domestic offices $2,520,582
    % insured (estimated) $72
    Federal funds purchased and repurchase agreements $1,700
    Trading liabilities $0
    Other borrowed funds $12,188
    Subordinated debt $0
    All other liabilities $12,937

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,603,187
    Loan and leases loss allowance $28,650
    Total loans and leases (domestic) $1,631,837
    All real estate loans $1,121,336
    Real estate loans in domestic offices $1,121,336
    Construction and development loans $115,446
    Residential 1-4 family construction $37,488
    Other construction, all land development and other land $77,958
    Loans secured by nonfarm nonresidential properties $493,241
    Nonfarm nonresidential secured by owner-occupied properties $216,328
    Commercial real estate & other non-farm, non-residential $276,913
    Multifamily residential real estate $98,852
    1-4 family residential loans $315,480
    Farmland loans $98,317
    Loans held in foreign offices $0
    Farm loans $40,054
    Commercial and industrial loans $366,557
    To non-U.S. addressees $0
    Loans to individuals $38,245
    Credit card loans $16,859
    Related Plans $1,619
    Consumer Auto Loans $15,662
    Other loans to individuals $4,105
    All other loans & leases $65,646
    Loans to foreign governments and official institutions $0
    Other loans $2,240
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $2,355
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,769
    Non 1-4 family restructured loans & leases $1,769
    Total loans and leases (foreign) $0

    Merchants Bank had $1,603,187,000 of loans outstanding in 2021. $1,121,336,000 of loans were in real estate loans. $115,446,000 of loans were in development loans. $98,852,000 of loans were in multifamily mortgage loans. $315,480,000 of loans were in 1-4 family mortgage loans. $40,054,000 of loans were in farm loans. $16,859,000 of loans were in credit card loans. $15,662,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 586 $149,505 $255,128
    Nonfarm, nonresidential loans - <$100k 119 $6,203 $52,126
    Nonfarm, nonresidential loans - $100-250k 193 $26,634 $138,000
    Nonfarm, nonresidential loans - $250k-1MM 274 $116,668 $425,796
    Commercial & Industrial, US addressed loans - <$1MM 1,245 $112,852 $90,644
    Commercial & Industrial, US addressed loans - <$100k 791 $20,466 $25,874
    Commercial & Industrial, US addressed loans - $100-250k 253 $25,675 $101,482
    Commercial & Industrial, US addressed loans - $250k-1MM 201 $66,711 $331,896
    Farmland loans - <$1MM 299 $45,484 $152,120
    Farmland loans - <$100k 69 $3,183 $46,130
    Farmland loans - $100-250k 151 $19,229 $127,344
    Farmland loans - $250k-1MM 79 $23,072 $292,051
    Agriculture operations loans - <$1MM 402 $22,302 $55,478
    Agriculture operations loans - <$100k 291 $7,544 $25,924
    Agriculture operations loans - $100-250k 88 $9,536 $108,364
    Agriculture operations loans - $250k-1MM 23 $5,222 $227,043