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Merchants Bank (MN)


Overview / Commentary
www.merchantsbank.com
507-457-1100
102 East Third Street
Winona, MN 55987

Merchants Bank (MN) is headquartered in Winona and is the 4th largest bank in the state of Minnesota. It is also the 396th largest bank in the nation. It was established in 1875 and as of March of 2021, it had grown to 422 employees at 24 locations. Merchants Bank (MN) has an A health rating.

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Health
A

Data as of Q1 2021

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Health Grade Components

Overall
FDIC Certificate #8866
Year Established1875
Employees422
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.54%
Return on Equity - YTD15.74%
Annual Interest Income$23.6MM
Assets and Liabilities
AssetsQ1 2021vs Q1 2020$2.75B$1.90B
LoansQ1 2021vs Q1 2020$1.74B$1.55B
DepositsQ1 2021vs Q1 2020$2.43B$1.63B
Equity CapitalQ1 2021vs Q1 2020$261.7MM$203.8MM
Loan Loss AllowanceQ1 2021vs Q1 2020$31.6MM$20.3MM
Unbacked Noncurrent LoansQ1 2021vs Q1 2020$14.8MM$17.3MM
Real Estate OwnedQ1 2021vs Q1 2020$2.6MM$442.00K
Rates
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Always verify rates and promotions with the bank or credit union. We are not Merchants Bank (MN); we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

† The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.

Merchants Bank (MN) Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.09%*†-$2kMy Future Fund
OTHER TIERS: 1.75% → $2k+
0.21%*†$200k*-IRA Savings Account
OTHER TIERS: 0.05% → Up to $5k | 0.07% → $5k - $25k | 0.10% → $25k - $50k | 0.15% → $50k - $100k | 0.18% → $100k - $200k
0.15%†--Winter FUNd
0.15%†--Summer FUNd
0.12%*†$25k*-HSA Checking
OTHER TIERS: 0.01% → Up to $5k | 0.07% → $5k - $10k | 0.09% → $10k - $15k | 0.11% → $15k - $25k
0.05%†--Kids Savers Club
0.05%†--Advantage Savings
0.03%†$50-Basic Savings

Merchants Bank (MN) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.38%*†$1m*-Diamond Money Market
OTHER TIERS: 0.05% → Up to $5k | 0.07% → $5k - $25k | 0.12% → $25k - $50k | 0.15% → $50k - $100k | 0.20% → $100k - $200k | 0.25% → $200k - $1m
0.28%†--Funeral Home Money Market
0.25%*†$1m*$15mICS Money Market
OTHER TIERS: 0.15% → Any amount

Merchants Bank (MN) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.38%*†$1m*-Non Profit Checking
OTHER TIERS: 0.05% → Up to $5k | 0.07% → $5k - $250k | 0.12% → $25k - $50k | 0.15% → $50k - $100k | 0.20% → $100k - $200k | 0.25% → $200k - $1m
0.20%†--Repurchase Agreement
0.20%*†$1m*$15mICS Demand Deposit
OTHER TIERS: 0.10% → Any amount
0.09%*†$50k*-Partnership Banking
OTHER TIERS: 0.04% → Up to $2.5k | 0.06% → $2.5k - $5k | 0.08% → $5k - $50k
0.09%*†$50k*-Relationship Checking
OTHER TIERS: 0.04% → Up to $2.5k | 0.06% → $2.5k - $5k | 0.08% → $5k - $50k
0.09%*†$50k*-Veterans Preferred Banking
OTHER TIERS: 0.04% → Up to $2.5k | 0.06% → $2.5k - $5k | 0.08% → $5k - $50k
0.07%†--Interest Bearing Business Checking

Merchants Bank (MN) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.28%†$500-36 Month & Over CD
0.28%†$500-36 Month & Over HSA CD
0.25%†$500-30-35 Month CD
0.25%†$500-30 - 35 Month HSA CD
0.20%†$500-24-29 Month CD
0.20%†$500-24 - 29 Month HSA CD
0.15%†$100-12 Month Home Buyer's CD
0.11%†$500-12-23 Month CD
0.11%†$500-12 - 23 Month HSA CD
0.06%†$500-6-11 Month CD
0.06%†$500-6 - 11 Month HSA CD
0.01%†$500-3-5 Month CD
0.01%†$500-3- 5 Month HSA CD

Merchants Bank (MN) IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.28%†$500-36 Month & Over IRA
0.25%†$500-30-35 Month IRA CD
0.24%†$500-24 Month "Summit" IRA
0.20%†$500-24-29 Month IRA CD
0.11%†$500-12-23 Month IRA CD
Locations

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