Merchants State Bank

Overview / Commentary
305 S. Main St
Freeman, SD 57029

Merchants State Bank is headquartered in FREEMAN and is the 32nd largest bank in the state of South Dakota. It is also the 2,969th largest bank in the nation. It was established in 1899 and as of September of 2023, it had grown to 31 employees at 4 locations. Merchants State Bank's money market rates are 5X the national average, and it has a B+ health rating.


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Health Grade Components

FDIC Certificate #1125
Year Established1899
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.7%
Return on Equity - YTD15.68%
Annual Interest Income$7.8MM
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$208.7MM$214.5MM
LoansQ3 2023vs Q3 2022$134.5MM$127.9MM
DepositsQ3 2023vs Q3 2022$172.6MM$191.8MM
Equity CapitalQ3 2023vs Q3 2022$22.6MM$19.3MM
Loan Loss AllowanceQ3 2023vs Q3 2022$986K$1.6MM
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$455K$261K
Real Estate OwnedQ3 2023vs Q3 2022$0$0
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Merchants State Bank Savings Account Rates

3.75%$50-Traditional IRA Savings
3.75%$50-Roth IRA
3.75%$10-Coverdell Education
3.75%$50-Simplified Employee Pension
0.65%$10-Statement Savings

Merchants State Bank Money Market Rates

2.25%*$50k*-Money Market Gold Account
OTHER TIERS: 1.55% Up to $10k | 1.75% $10k - $25k | 2.00% $25k - $50k
1.50%$2.5k-Money Market Savings Account

Merchants State Bank Checking Account Rates

1.20%$2.5k-Super NOW Account
0.95%$1k-NOW Account

Merchants State Bank CD Rates

3.75%$100-18 Month CD
3.75%$100-24 Month CD
3.50%$100-12 Month CD
3.50%$100-30 Month CD
3.25%$100-6 Month CD
3.25%$100-36 Month CD
3.25%$100-48 Month CD
3.25%$100-60 Month CD
2.95%$100-3 Month CD

Merchants State Bank Locations
Viborg Office Branch201 N. Main St.Viborg, SD 57070
Irene Branch207 West Main StreetIrene, SD 57037
Merchants State Bank305 S Main StFreeman, SD 57029
Hurley Branch308 Center StreetHurley, SD 57036

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