Merchants Bank (MN)

Overview / Commentary
102 East Third Street
Winona, MN 55987

Merchants Bank (MN) is headquartered in WINONA and is the 7th largest bank in the state of Minnesota. It is also the 468th largest bank in the nation. It was established in 1875 and as of September of 2023, it had grown to 396 employees at 23 locations. Merchants Bank (MN)'s money market rates are 9X the national average, and it has a B+ health rating.


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Health Grade Components

FDIC Certificate #8866
Year Established1875
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.19%
Return on Equity - YTD10.3%
Annual Interest Income$85.6MM
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$2.52B$2.61B
LoansQ3 2023vs Q3 2022$2.06B$1.77B
DepositsQ3 2023vs Q3 2022$2.15B$2.3B
Equity CapitalQ3 2023vs Q3 2022$298.1MM$275.4MM
Loan Loss AllowanceQ3 2023vs Q3 2022$24.7MM$26.6MM
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$5.1MM$10.3MM
Real Estate OwnedQ3 2023vs Q3 2022$780K$803K
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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

5.09%*-$2kMy Future Fund
OTHER TIERS: 1.75% $2k+
0.50%*$2.5k*-Advantage Savings
OTHER TIERS: 0.18% Up to $2.5k
0.35%*$25k*-HSA Checking
OTHER TIERS: 0.20% Up to $5k | 0.25% $5k - $10k | 0.30% $10k - $15k | 0.32% $15k - $25k
0.18%$50-Basic Savings

Merchants Bank (MN) Money Market Rates

4.07%*$1m*-Diamond Money Market
OTHER TIERS: 0.50% Up to $5k | 1.01% $5k - $25k | 1.66% $25k - $50k | 1.92% $50k - $100k | 2.43% $100k - $200k | 3.10% $200k - $1m
3.35%*$15m*-ICS Money Market
OTHER TIERS: 2.58% Up to $1m | 3.09% $1m - $15m

Merchants Bank (MN) Checking Account Rates

4.07%*$1m*-Non Profit Checking
OTHER TIERS: 0.60% Up to $5k | 1.01% $5k - $250k | 1.66% $25k - $50k | 1.92% $50k - $100k | 2.43% $100k - $200k | 3.10% $200k - $1m
2.63%*$15m*-ICS Demand Deposit
OTHER TIERS: 1.92% Up to $1m | 2.38% $1m - $15m
0.40%*$50k*-Partnership Banking
OTHER TIERS: 0.20% Up to $2.5k | 0.25% $2.5k - $5k | 0.30% $5k - $50k
0.40%*$50k*-Relationship Checking
OTHER TIERS: 0.20% Up to $2.5k | 0.25% $2.5k - $5k | 0.30% $5k - $50k
0.40%*$50k*-Military Banking
OTHER TIERS: 0.20% Up to $2.5k | 0.25% $2.5k - $5k | 0.30% $5k - $50k
0.25%--Interest Bearing Business Checking

Merchants Bank (MN) CD Rates

5.08%$25k-7 Month CD Special
2.52%$500-36 Month & Over CD
2.42%$500-24-29 Month CD
2.42%$500-30-35 Month CD
2.32%$500-12-23 Month CD
1.56%$500-6-11 Month CD
1.00%$500-3-5 Month CD

Merchants Bank (MN) IRA Rates

2.52%$500-36 Month & Over IRA
2.42%$500-24-29 Month IRA CD
2.42%$500-30-35 Month IRA CD
2.32%$500-12-23 Month IRA CD


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