Merchants State Bank

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

Merchants State Bank is headquartered in Freeman and is the 33rd largest bank in the state of South Dakota. It is also the 2,955th largest bank in the nation. It was established in 1899 and as of December of 2021, it had grown to 30 employees at 4 locations. Merchants State Bank has an A+ health rating.


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Health Grade Components

FDIC Certificate #1125
Year Established1899
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.29%
Return on Equity - YTD10.18%
Annual Interest Income$8.2MM
Assets and Liabilities
AssetsQ4 2021vs Q4 2020$222.4MM$202.4MM
LoansQ4 2021vs Q4 2020$121.7MM$134.1MM
DepositsQ4 2021vs Q4 2020$191.2MM$167.4MM
Equity CapitalQ4 2021vs Q4 2020$27.8MM$26.4MM
Loan Loss AllowanceQ4 2021vs Q4 2020$1.7MM$1.7MM
Unbacked Noncurrent LoansQ4 2021vs Q4 2020$491.00K$1.7MM
Real Estate OwnedQ4 2021vs Q4 2020$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

1.01%$50-Traditional IRA Savings
1.01%$50-Roth IRA
1.01%$10-Coverdell Education
1.01%$50-Simplified Employee Pension
0.05%$10-Statement Savings

Merchants State Bank Money Market Rates

0.30%*$50k*-Money Market Gold Account
OTHER TIERS: 0.10% Up to $10k | 0.15% $10k - $25k | 0.20% $25k - $50k
0.10%$2.5k-Money Market Savings Account

Merchants State Bank Checking Account Rates

0.10%$2.5k-Super NOW Account
0.05%$1k-NOW Account

Merchants State Bank CD Rates

0.85%$100-60 Month CD
0.75%$100-48 Month CD
0.65%$100-36 Month CD
0.60%$100-30 Month CD
0.50%$100-24 Month CD
0.35%$100-18 Month CD
0.30%$100-12 Month CD
0.25%$100-6 Month CD
0.15%$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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