Farmers & Merchants State Bank
Waterloo, Wisconsin, Jefferson County
$246M in total assets, the 2,776th largest of 4,309 US banks and 113th of 155 headquartered in Wisconsin.
- FDIC certificate
- 13242
- Established
- 1897
- Owned by
- Maunesha Bancshares Inc
- Primary regulator
- FDIC
- Website
- www.FandMStBk.com
At a glance
Compared with 109 banks headquartered in Wisconsin with $100 million to $1 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $246M | 27% | $345M | |
| Loans | $214M | 42% | $248M | |
| Deposits | $183M | 25% | $288M | |
| Return on assets | 0.98% | 27% | 1.28% | |
| Net interest margin | 3.48% | 26% | 3.86% | |
| Efficiency ratio | 70.0% | 75% | 60.7% | |
| Equity to assets | 10.87% | 61% | 10.38% | |
| Loans to deposits | 117% | 97% | 86% |
Growth
Total assets grew 3.9% a year over the last 5 years and 4.0% a year over 10 years, without acquisitions.
Where they operate
3 branches in 2 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Jefferson County, WI | $106M | 4.5% | 8 of 11 |
| Dane County, WI | $77M | 0.3% | 25 of 33 |
Deposits by branch from the FDIC Summary of Deposits, June 2026. Rank among all banks with branches in that county.
Branch history since 2016
Net gain of 1 branch since 2016 (2 to 3, +50.0%). 1 opened, 0 acquired, 0 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 2 | |||
| 2024 | Opened Lake Mills | 1 | 0 | +1 | 3 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Multifamily | 45% | 8% | |
| 1-4 family residential | 27% | 32% | |
| Commercial real estate | 18% | 29% | |
| Construction and land | 5% | 7% | |
| Farmland | 4% | 8% | |
| Business (C&I) | 0% | 10% | |
| Consumer | 0% | 2% | |
| Agricultural | 0% | 3% | |
| Other | 0% | 2% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 47% | 48% | |
| Time deposits | 33% | 34% | |
| Noninterest-bearing | 20% | 19% |
Brokered deposits are 0.1% of deposits (peers 5.7%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.00% | 0.23% |
| Net charge-offs, annualized | -0.01% | 0.00% |
| Reserves to loans | 1.11% | 1.15% |
| Leverage ratio | 11.13% | 10.93% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Wisconsin
Largest competitors in Jefferson County, WI
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/farmers-merchants-state-bank-waterloo-wi