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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 394th largest bank in the nation. It was established in 1875 and as of September of 2020, it had grown to 418 employees at 24 locations. Merchants Bank (MN)'s money market rates are 20% higher than the national average, and it has an A health rating.

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Health
A

Data as of Q3 2020

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #8866
Year Established1875
Employees418
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.95%
Return on Equity - YTD9.09%
Annual Interest Income$69.5MM
Assets and Liabilities
AssetsQ3 2020vs Q3 2019$2.61B$1.85B
LoansQ3 2020vs Q3 2019$1.86B$1.52B
DepositsQ3 2020vs Q3 2019$2.31B$1.59B
Equity CapitalQ3 2020vs Q3 2019$249.6MM$196.5MM
Loan Loss AllowanceQ3 2020vs Q3 2019$28.0MM$18.9MM
Unbacked Noncurrent LoansQ3 2020vs Q3 2019$17.5MM$17.9MM
Real Estate OwnedQ3 2020vs Q3 2019$2.7MM$826.00K
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+
0.30%*†$200k*-IRA Savings Account
OTHER TIERS: 0.08% → Up to $5k | 0.11% → $5k - $25k | 0.14% → $25k - $50k | 0.20% → $50k - $100k | 0.25% → $100k - $200k
0.26%†--Winter FUNd
0.26%†--Summer FUNd
0.20%*†$25k*-HSA Checking
OTHER TIERS: 0.06% → Up to $5k | 0.10% → $5k - $10k | 0.14% → $10k - $15k | 0.17% → $15k - $25k
0.08%*†$2.5k*-Advantage Savings
OTHER TIERS: 0.07% → Up to $2.5k
0.07%†--Kids Savers Club
0.03%†$50-Basic Savings

Merchants Bank (MN) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.53%*†$1m*-Diamond Money Market
OTHER TIERS: 0.08% → Up to $5k | 0.10% → $5k - $25k | 0.18% → $25k - $50k | 0.26% → $50k - $100k | 0.38% → $100k - $200k | 0.48% → $200k - $1m
0.50%*†$1m*$15mICS Money Market
OTHER TIERS: 0.25% → $15m+ | 0.30% → Up to $1m
0.39%†--Funeral Home Money Market

Merchants Bank (MN) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.53%*†$1m*-Non Profit Checking
OTHER TIERS: 0.08% → Up to $5k | 0.10% → $5k - $250k | 0.18% → $25k - $50k | 0.26% → $50k - $100k | 0.38% → $100k - $200k | 0.48% → $200k - $1m
0.30%*†$1m*$15mICS Demand Deposit
OTHER TIERS: 0.15% → Any amount
0.20%†--Repurchase Agreement
0.15%*†$50k*-Partnership Banking
OTHER TIERS: 0.05% → Up to $2.5k | 0.08% → $2.5k - $5k | 0.10% → $5k - $50k
0.15%*†$50k*-Relationship Checking
OTHER TIERS: 0.05% → Up to $2.5k | 0.08% → $2.5k - $5k | 0.10% → $5k - $50k
0.15%*†$50k*-Veterans Preferred Banking
OTHER TIERS: 0.05% → Up to $2.5k | 0.08% → $2.5k - $5k | 0.10% → $5k - $50k
0.07%†--Interest Bearing Business Checking

Merchants Bank (MN) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.39%†$500-36 Month & Over CD
0.39%†$500-36 Month & Over HSA CD
0.33%†$500-30-35 Month CD
0.33%†$500-30 - 35 Month HSA CD
0.30%†$500-31 Month CD Special
0.30%†$500-21 Month CD Special
0.27%†$500-24-29 Month CD
0.27%†$500-24 - 29 Month HSA CD
0.26%†$100-12 Month Home Buyer's CD
0.22%†$500-12-23 Month CD
0.22%†$500-12 - 23 Month HSA CD
0.15%†$500-6-11 Month CD
0.15%†$500-6 - 11 Month HSA CD
0.08%†$500-3-5 Month CD
0.08%†$500-3- 5 Month HSA CD

Merchants Bank (MN) IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.39%†$500-36 Month & Over IRA
0.33%†$500-30-35 Month IRA CD
0.30%†$500-24 Month "Summit" IRA
0.27%†$500-24-29 Month IRA CD
0.22%†$500-12-23 Month IRA CD
Locations

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