The Merchants National Bank
Hillsboro, Ohio, Highland County
$1.3B in total assets, the 879th largest of 4,309 US banks and 32nd of 160 headquartered in Ohio.
- FDIC certificate
- 6605
- Established
- 1879
- Owned by
- Merchants Bcorp Inc
- Primary regulator
- OCC
- Website
- www.merchantsnat.com
At a glance
Compared with 27 banks headquartered in Ohio 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 | $1.3B | 15% | $1.6B | |
| Loans | $952M | 41% | $1.1B | |
| Deposits | $1.1B | 22% | $1.4B | |
| Return on assets | 1.14% | 31% | 1.21% | |
| Net interest margin | 3.65% | 52% | 3.62% | |
| Efficiency ratio | 61.9% | 74% | 58.4% | |
| Equity to assets | 9.57% | 18% | 10.27% | |
| Loans to deposits | 86% | 48% | 87% |
Growth
Total assets grew 1.5% a year over the last 5 years and 6.5% a year over 10 years, including 1 acquisition in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Apr 2019 | The Citizens Bank of Logan, Ohio Logan, OH | $203M |
| Aug 2009 | The Citizens Bank of Higginsport, Ohio Higginsport, OH | $114M |
Where they operate
17 branches in 10 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Highland County, OH | $446M | 9.9% | 2 of 9 |
| Fayette County, OH | $194M | 29.6% | 1 of 8 |
| Hocking County, OH | $145M | 29.4% | 2 of 5 |
| Madison County, OH | $100M | 15.4% | 2 of 9 |
| Brown County, OH | $75M | 10.0% | 5 of 6 |
| Clinton County, OH | $47M | 5.0% | 8 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
Net gain of 4 branches since 2016 (13 to 17, +30.8%). 2 opened, 3 acquired, 1 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 13 | |||
| 2019 | Acquired The Citizens Bank of Logan, OhioOpened Wilmington | 5 | 0 | +5 | 18 |
| 2020 | Closed Higginsport | 0 | 1 | −1 | 17 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| 1-4 family residential | 37% | 34% | |
| Commercial real estate | 24% | 29% | |
| Farmland | 17% | 3% | |
| Business (C&I) | 6% | 12% | |
| Construction and land | 5% | 6% | |
| Agricultural | 5% | 1% | |
| Multifamily | 3% | 7% | |
| Consumer | 2% | 4% | |
| Other | 1% | 4% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 57% | 56% | |
| Noninterest-bearing | 22% | 20% | |
| Time deposits | 21% | 24% |
Brokered deposits are 0.0% of deposits (peers 5.8%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.53% | 0.66% |
| Net charge-offs, annualized | 0.00% | 0.02% |
| Reserves to loans | 1.19% | 1.07% |
| Leverage ratio | 8.91% | 10.45% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Ohio
Largest competitors in Highland County, OH
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-national-bank-hillsboro-oh