Merrick Bank is headquartered in South Jordan and is the 12th largest bank in the state of Utah. It is also the 282nd largest bank in the nation. It was established in 1997 and as of March of 2021, it had grown to 375 employees at 1 location. Merrick Bank has an A+ health rating.
They Do Fine
This is my second time with Merrick. First was with a Brokerage CD so I did not deal directly with the bank. Next was a Bank CD and I found them very good to deal with. ACH, microdeposits, et al went very well. Their rates are always at or near the top.
Good CD Rate But Difficult To Open An CD Account
The good part is their 12month CD rate and their grade A safety rating. The bad part is the "online" application process which is really part online and part on the phone and will take a lot of your patience to get through the process and about 8 business days to get your account open and funded. Their headquarters is in Utah but you are not allowed to talk to anyone there. They have a call center in Missouri and the claim to be open till 6PM but they can't access any information from Utah after 5PM. You will need to unfreeze one of the credit bureau reports but they won't tell you this upfront--they will contact you later after the online application doesn't go through. After they get your credit report, they will contact you and ask you to call them so they can ask you "extra questions". After you jump through that hoop, they will then send the two microdeposits to the account you want to link to the Merrick CD account in order to fund the account. And on it goes for days and days on end, but if you want a good CD rate in a bank with a good safety rating, then this is the price you are going to pay. Good luck, John
Impossible To Open A CD Online
On 4/18/20, I tried to open a 24 month CD. Submitted all info and asked to fund from my checking acct at another bank. Merrick deposited and debited $0.69 test deposits but never withdrew my opening deposit.
On 3/20/21, I tried again. Resubmitted info. Was asked to read and must agree to three documents. Links to documents were dead, so I couldn't agree.
Cancelled my application, won't be back.
Data as of Q1 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34519 |
| Year Established | 1997 |
| Employees | 375 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 11.34% |
| Return on Equity - YTD | 45.26% |
| Annual Interest Income | $196.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $4.51B$4.06B |
| Loans | Q1 2021vs Q1 2020 | $3.06B$3.22B |
| Deposits | Q1 2021vs Q1 2020 | $3.27B$3.13B |
| Equity Capital | Q1 2021vs Q1 2020 | $1.16B$878.6MM |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $437.4MM$551.0MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $103.7MM$152.7MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $0$0 |