Merchants Bank of Indiana
Carmel, Indiana, Hamilton County
$21.2B in total assets, the 107th largest of 4,309 US banks and 3rd of 89 headquartered in Indiana.
- FDIC certificate
- 8056
- Established
- 1923
- Owned by
- Merchants Bcorp
- Primary regulator
- FDIC
- Website
- www.bankmerchants.com
At a glance
Compared with 132 US banks with $10 billion to $100 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $21.2B | 44% | $22.5B | |
| Loans | $17.4B | 58% | $14.4B | |
| Deposits | $14.3B | 35% | $18.4B | |
| Return on assets | 1.41% | 64% | 1.29% | |
| Net interest margin | 2.86% | 15% | 3.62% | |
| Efficiency ratio | 40.2% | 13% | 55.2% | |
| Equity to assets | 10.97% | 40% | 11.60% | |
| Loans to deposits | 121% | 97% | 87% |
Growth
Total assets grew 17.1% a year over the last 5 years and 23.8% a year over 10 years, including 1 acquisition in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Jan 2024 | Farmers-Merchants Bank of Illinois Joy, IL, an affiliate under the same holding company | $287M |
| Jan 2009 | Symphony Bank Indianapolis, IN | $55M |
Where they operate
8 branches in 5 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Hamilton County, IN | $13.1B | 43.0% | 1 of 32 |
| Wayne County, IN | $505M | 29.0% | 1 of 6 |
| Marion County, IN | $453M | 1.1% | 12 of 26 |
| Randolph County, IN | $210M | 31.2% | 1 of 8 |
| Monroe County, IN | $45M | 1.3% | 9 of 14 |
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 3 branches since 2016 (5 to 8, +60.0%). 3 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 | 5 | |||
| 2020 | Opened Richmond | 1 | 0 | +1 | 6 |
| 2024 | Opened Richmond | 1 | 0 | +1 | 7 |
| 2026 through Q2 | Opened Bloomington | 1 | 0 | +1 | 8 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Multifamily | 19% | 8% | |
| Construction and land | 11% | 6% | |
| Business (C&I) | 9% | 17% | |
| Commercial real estate | 8% | 25% | |
| 1-4 family residential | 6% | 21% | |
| Consumer | 0% | 10% | |
| Other | 45% | 12% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 86% | 62% | |
| Time deposits | 10% | 18% | |
| Noninterest-bearing | 5% | 20% |
Brokered deposits are 9.0% of deposits (peers 7.2%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 1.18% | 0.63% |
| Net charge-offs, annualized | 0.41% | 0.14% |
| Reserves to loans | 0.44% | 1.15% |
| Leverage ratio | 11.28% | 10.25% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Indiana
Largest competitors in Hamilton County, IN
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/merchants-indiana