Merchants Bank, National Association
Winona, Minnesota, Winona County
$2.9B in total assets, the 455th largest of 4,309 US banks and 6th of 225 headquartered in Minnesota.
- FDIC certificate
- 8866
- Established
- 1875
- Owned by
- Merchants Financial Group Inc
- Primary regulator
- OCC
- Website
- www.merchantsbank.com
At a glance
Compared with 16 banks headquartered in Minnesota with $1 billion to $10 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $2.9B | 75% | $1.5B | |
| Loans | $2.1B | 69% | $929M | |
| Deposits | $2.5B | 81% | $1.2B | |
| Return on assets | 1.30% | 50% | 1.25% | |
| Net interest margin | 3.65% | 44% | 3.72% | |
| Efficiency ratio | 63.5% | 75% | 53.9% | |
| Equity to assets | 11.94% | 75% | 9.86% | |
| Loans to deposits | 83% | 44% | 84% |
Growth
Total assets grew 1.3% a year over the last 5 years and 5.7% a year over 10 years, including 1 acquisition in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| May 2020 | The First National Bank of Northfield Northfield, MN, an affiliate under the same holding company | $240M |
| Jun 2009 | MERCHANTS BANK, NATIONAL ASSOCIATION Caledonia, MN, an affiliate under the same holding company | $48M |
| Jun 2009 | Merchants Bank, National Association La Crescent, MN, an affiliate under the same holding company | $96M |
| Sep 2007 | Merchants Bank, National Association Hampton, MN, an affiliate under the same holding company | $105M |
| Sep 2007 | The First National Bank in Cannon Falls Cannon Falls, MN | $117M |
Where they operate
22 branches in 10 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Winona County, MN | $712M | 47.2% | 1 of 9 |
| Houston County, MN | $322M | 57.7% | 1 of 5 |
| Dakota County, MN | $320M | 3.2% | 6 of 32 |
| Goodhue County, MN | $282M | 19.5% | 2 of 12 |
| Rice County, MN | $218M | 12.3% | 5 of 10 |
| Fillmore County, MN | $178M | 22.1% | 1 of 11 |
Deposits by branch from the FDIC Summary of Deposits, June 2026. Rank among all banks with branches in that county.
Branch history since 2016
No net change since 2016 (22 branches then and now). 0 opened, 2 acquired, 2 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 22 | |||
| 2020 | Acquired The First National Bank of Northfield | 2 | 0 | +2 | 24 |
| 2024 | Closed Lakeville | 0 | 1 | −1 | 23 |
| 2025 | Closed Hampton | 0 | 1 | −1 | 22 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Commercial real estate | 29% | 32% | |
| 1-4 family residential | 23% | 23% | |
| Business (C&I) | 16% | 16% | |
| Multifamily | 15% | 10% | |
| Farmland | 5% | 3% | |
| Construction and land | 4% | 7% | |
| Agricultural | 2% | 3% | |
| Consumer | 2% | 2% | |
| Other | 5% | 5% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 62% | 52% | |
| Time deposits | 19% | 27% | |
| Noninterest-bearing | 18% | 21% |
Brokered deposits are 0.0% of deposits (peers 9.1%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.51% | 0.54% |
| Net charge-offs, annualized | 0.06% | 0.04% |
| Reserves to loans | 1.26% | 1.20% |
| Leverage ratio | 11.49% | 10.13% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Minnesota
Largest competitors in Winona County, MN
Figures as of June 30, 2026 from the bank's Call Report, FDIC structure and branch data, and the Federal Reserve. Short link: bankingstats.com/banks/merchants-bank-winona-mn