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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 6th largest bank in the state of Minnesota. It is also the 426th largest bank in the nation. It was established in 1875 and as of June of 2022, it had grown to 404 employees at 24 locations. Merchants Bank (MN)'s money market rates are 5X the national average, and it has a B+ health rating.

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Health
B+

Data as of Q2 2022

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #8866
Year Established1875
Employees404
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.08%
Return on Equity - YTD11%
Annual Interest Income$43.7MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$2.65B$2.71B
LoansQ2 2022vs Q2 2021$1.66B$1.65B
DepositsQ2 2022vs Q2 2021$2.34B$2.39B
Equity CapitalQ2 2022vs Q2 2021$271.5MM$268.1MM
Loan Loss AllowanceQ2 2022vs Q2 2021$27.2MM$29.9MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$12.4MM$13.8MM
Real Estate OwnedQ2 2022vs Q2 2021$964.00K$2.5MM
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+
0.35%*†$2.5k*-Advantage Savings
OTHER TIERS: 0.07% → Up to $2.5k
0.25%*†$25k*-HSA Checking
OTHER TIERS: 0.10% → Up to $5k | 0.15% → $5k - $10k | 0.20% → $10k - $15k | 0.22% → $15k - $25k
0.07%†$50-Basic Savings

Merchants Bank (MN) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%*†$1m*-Diamond Money Market
OTHER TIERS: 0.35% → Up to $5k | 0.60% → $5k - $25k | 1.00% → $25k - $50k | 1.20% → $50k - $100k | 1.40% → $100k - $200k | 1.70% → $200k - $1m
1.70%*†$1m*$15mICS Money Market
OTHER TIERS: 1.50% → Up to $1m | 1.60% → $15m+

Merchants Bank (MN) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%*†$1m*-Non Profit Checking
OTHER TIERS: 0.35% → Up to $5k | 0.60% → $5k - $250k | 1.00% → $25k - $50k | 1.20% → $50k - $100k | 1.40% → $100k - $200k | 1.70% → $200k - $1m
1.20%*†$1m*$15mICS Demand Deposit
OTHER TIERS: 1.00% → Up to $1m | 1.10% → $15m+
0.35%*†$50k*-Partnership Banking
OTHER TIERS: 0.17% → Up to $2.5k | 0.20% → $2.5k - $5k | 0.25% → $5k - $50k
0.35%*†$50k*-Relationship Checking
OTHER TIERS: 0.17% → Up to $2.5k | 0.20% → $2.5k - $5k | 0.25% → $5k - $50k
0.35%*†$50k*-Military Banking
OTHER TIERS: 0.17% → Up to $2.5k | 0.20% → $2.5k - $5k | 0.25% → $5k - $50k
0.25%†--Interest Bearing Business Checking

Merchants Bank (MN) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.50%†$500-36 Month & Over CD
2.25%†$500-30-35 Month CD
2.00%†$500-24-29 Month CD
1.50%†$500-12-23 Month CD
1.00%†$500-6-11 Month CD
0.60%†$500-3-5 Month CD

Merchants Bank (MN) IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.50%†$500-36 Month & Over IRA
2.25%†$500-30-35 Month IRA CD
2.00%†$500-24-29 Month IRA CD
1.50%†$500-12-23 Month IRA CD
Locations

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