Merchants Bank (MN)


Overview / Commentary
507-457-1100
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 451st largest bank in the nation. It was established in 1875 and as of December of 2024, it had grown to 387 employees at 23 locations. Merchants Bank (MN)'s money market rates are 8X the national average, and it has an A health rating.

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Health

Health Grade Components

Overall
FDIC Certificate #8866
Year Established1875
Employees387
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD0.78%
Return on Equity - YTD6.87%
Annual Interest Income$133.3MM
Assets and Liabilities
AssetsQ4 2024vs Q4 2023$2.78B$2.6B
LoansQ4 2024vs Q4 2023$2.09B$2.14B
DepositsQ4 2024vs Q4 2023$2.43B$2.18B
Equity CapitalQ4 2024vs Q4 2023$302.9MM$291.7MM
Loan Loss AllowanceQ4 2024vs Q4 2023$28.5MM$25MM
Unbacked Noncurrent LoansQ4 2024vs Q4 2023$5.2MM$9.4MM
Real Estate OwnedQ4 2024vs Q4 2023$6.5MM$1MM
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%*$0$2kMy Future Fund
OTHER TIERS: 1.75% $2k+
0.35%*$25k*-HSA Checking
OTHER TIERS: 0.20% $0 - $5k | 0.25% $5k - $10k | 0.30% $10k - $15k | 0.32% $15k - $25k
0.35%*$2.5k*-Advantage Savings
OTHER TIERS: 0.25% $0 - $2.5k
0.35%*$2.5k*-Business Advantage Savings
OTHER TIERS: 0.25% $0 - $2.5k
0.18%$0-Basic Savings
0.18%$0-Business Basic Savings

Merchants Bank (MN) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.71%*$1m*-Diamond Money Market
OTHER TIERS: 0.35% $0 - $5k | 0.90% $5k - $25k | 1.51% $25k - $50k | 1.76% $50k - $100k | 2.38% $100k - $200k | 3.04% $200k - $1m
3.71%*$1m*-Business Diamond Money Market
OTHER TIERS: 0.35% $0 - $5k | 0.90% $5k - $25k | 1.51% $25k - $50k | 1.76% $50k - $100k | 2.38% $100k - $200k | 3.04% $200k - $1m
3.35%*$15m*-ICS Money Market
OTHER TIERS: 2.58% $0 - $1m | 3.09% $1m - $15m

Merchants Bank (MN) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.71%*$1m*-Non Profit Checking
OTHER TIERS: 0.35% $0 - $5k | 0.90% $5k - $25k | 1.51% $25k - $50k | 1.76% $50k - $100k | 2.38% $100k - $200k | 3.04% $200k - $1m
2.63%*$15m*-ICS Demand Deposit
OTHER TIERS: 1.92% $0 - $1m | 2.38% $1m - $15m
0.40%*$50k*-Partnership Banking
OTHER TIERS: 0.20% $0 - $2.5k | 0.25% $2.5k - $5k | 0.30% $5k - $50k
0.40%*$50k*-Relationship Checking
OTHER TIERS: 0.20% $0 - $2.5k | 0.25% $2.5k - $5k | 0.30% $5k - $50k
0.40%*$50k*-Military Banking
OTHER TIERS: 0.20% $0 - $2.5k | 0.25% $2.5k - $5k | 0.30% $5k - $50k
0.25%$0-Interest Bearing Business Checking

Merchants Bank (MN) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%$500-6 Month CD
4.00%$500-Business 6 Month CD
3.65%$500-3 Month CD
3.65%$500-Business 3 Month CD
3.55%$500-12 Month CD
3.55%$500-Business 12 Month CD
3.44%$500-24 Month CD
3.44%$500-Business 24 Month CD
2.98%$500-36 Month CD
2.98%$500-Business 36 Month CD
2.83%$500-30 Month CD
2.83%$500-Business 30 Month CD

Merchants Bank (MN) IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.55%$500-12 Month IRA
3.44%$500-24 Month IRA
2.98%$500-36 Month IRA
2.83%$500-30 Month IRA
Locations

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