Merchants Bank is a state-chartered bank headquartered in Rugby, North Dakota, in business for about 129 years. At the end of Q2 2026 it reported $254.3M in total assets and $223.4M in deposits, with 6 offices across 2 states.
Based on its Q2 2026 filing, Merchants Bank scores 65/100, which we describe as moderate. That is higher than only 29% of 2,650 banks with $100 million – $1 billion. Among 60 banks headquartered in North Dakota, it ranks 43rd. Its strongest component is problem-loan coverage (83/100; 8.3%), and its lowest is capital cushion (56/100; 10.56%).
TellerScore · Q2 2026
Scorecard
The TellerScore is our own summary of the figures this institution reports publicly; it is not issued or endorsed by any government agency. It is not a prediction, and deposits within insurance limits are protected either way.
9 quarters
Health trend
From Q2 2025 to Q2 2026, the score rose 9 points (56 → 65), mostly because the loan quality component improved by 21 points.
Show as table
| Quarter | TellerScore |
|---|---|
| Q2 2024 | 52 |
| Q3 2024 | 52 |
| Q4 2024 | 62 |
| Q1 2025 | 61 |
| Q2 2025 | 56 |
| Q3 2025 | 65 |
| Q4 2025 | 64 |
| Q1 2026 | 65 |
| Q2 2026 | 65 |
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| Quarter | Tier 1 leverage ratio |
|---|---|
| Q2 2024 | 9.56% |
| Q3 2024 | 9.30% |
| Q4 2024 | 9.59% |
| Q1 2025 | 9.69% |
| Q2 2025 | 10.01% |
| Q3 2025 | 10.24% |
| Q4 2025 | 10.05% |
| Q1 2026 | 10.17% |
| Q2 2026 | 10.56% |
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| Quarter | Noncurrent loans |
|---|---|
| Q2 2024 | 2.05% |
| Q3 2024 | 1.94% |
| Q4 2024 | 1.14% |
| Q1 2025 | 1.24% |
| Q2 2025 | 1.88% |
| Q3 2025 | 1.11% |
| Q4 2025 | 1.12% |
| Q1 2026 | 1.21% |
| Q2 2026 | 1.25% |
Show as table
| Quarter | Return on assets |
|---|---|
| Q2 2024 | 1.14% |
| Q3 2024 | 1.18% |
| Q4 2024 | 1.20% |
| Q1 2025 | 1.06% |
| Q2 2025 | 1.40% |
| Q3 2025 | 1.50% |
| Q4 2025 | 1.39% |
| Q1 2026 | 1.36% |
| Q2 2026 | 1.50% |
| Quarter | Score | Assets | Capital | Problem loans | ROA | Loans/deposits |
|---|---|---|---|---|---|---|
| Q2 2026 | 65 | $254.3M | 10.56% | 1.25% | 1.50% | 84.3% |
| Q1 2026 | 65 | $257.6M | 10.17% | 1.21% | 1.36% | 77.7% |
| Q4 2025 | 64 | $269.5M | 10.05% | 1.12% | 1.39% | 80.4% |
| Q3 2025 | 65 | $248.8M | 10.24% | 1.11% | 1.50% | 91.8% |
| Q2 2025 | 56 | $245.7M | 10.01% | 1.88% | 1.40% | 87.1% |
| Q1 2025 | 61 | $254.6M | 9.69% | 1.24% | 1.06% | 75.2% |
| Q4 2024 | 62 | $252.7M | 9.59% | 1.14% | 1.20% | 78.7% |
| Q3 2024 | 52 | $247.4M | 9.30% | 1.94% | 1.18% | 84.6% |
| Q2 2024 | 52 | $242.4M | 9.56% | 2.05% | 1.14% | 82.8% |
2,650 peers · $100 million – $1 billion
How it compares with peers
Percentile against banks of similar size nationwide (100th = best among peers; for ratios where lower is better, the scale is flipped).
Similar-size banks in North Dakota
| Institution | Score | Assets | Capital | Problem loans | Compare |
|---|---|---|---|---|---|
| Union State Bank of HazenBank Hazen, ND | 65 out of 100, Moderate | $257.4M | 9.0% | 0.88% | vs |
| Security First Bank of North DakotaBank New Salem, ND | 87 out of 100, Very strong | $293.2M | 13.0% | 0.00% | vs |
| Peoples State Bank of VelvaBank Velva, ND | 73 out of 100, Strong | $210.0M | 9.3% | 0.10% | vs |
| State Bank & Trust of KenmareBank Kenmare, ND | 62 out of 100, Moderate | $201.1M | 9.2% | 1.10% | vs |
| Horizon Financial BankBank Munich, ND | 61 out of 100, Moderate | $201.0M | 10.8% | 1.34% | vs |
| The Union BankBank Beulah, ND | 64 out of 100, Moderate | $312.2M | 10.1% | 1.38% | vs |
Deposit insurance
Is my money safe at Merchants Bank?
Yes. Merchants Bank is an FDIC-insured institution (FDIC certificate #8943). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category.
An estimated 24.9% of deposits ($55.6M) are above the $250,000 FDIC insurance limit, close to the peer median of 24%. Insured balances are protected regardless of the score.
The tier 1 leverage ratio is 10.56%, well above the 5% level regulators use as the "well capitalized" benchmark for this measure. Its total risk-based capital ratio is 15.03% (benchmark: 10%).
6 locations
Branches
Merchants Bank lists 4 offices in 4 cities across 2 states. Most locations:
- Fairview, MT (1)
- Mapleton, ND (1)
- Rugby, ND (1)
- Towner, ND (1)
Identity & history
Profile
- Legal name
- Merchants Bank
- Type
- State-chartered bank
- FDIC certificate #
- 8943
- RSSD ID
- 700458
- Primary regulator
- FDIC
- Holding company
- Merchants Holding Co
- Established
- August 4, 1897
- Headquarters
- 210 S Main Ave, Rugby, ND 58368
- Website
- www.merchantsbankrugby.com
- Employees
- 32
Quick answers
Merchants Bank: common questions
Is Merchants Bank FDIC insured?
Yes. Merchants Bank is an FDIC-insured institution (FDIC certificate #8943). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category.
What is Merchants Bank's TellerScore?
65 out of 100 (Moderate), based on its Q2 2026 publicly reported figures. The TellerScore is our own summary and is not issued by any government agency.
Has Merchants Bank ever failed?
There is no failure record for FDIC certificate #8943 in the FDIC failed bank list.
How many branches does Merchants Bank have?
6 offices as of the latest FDIC data, in 2 states.
Nearby
Highest-scoring banks and credit unions with branches near Rugby
| Institution | Score | Assets | Capital | Problem loans | Compare |
|---|---|---|---|---|---|
| First United BankBank Park River, ND | 78 out of 100, Strong | $810.8M | 10.1% | 0.01% | vs |
| Rolette State BankBank Rolette, ND | 78 out of 100, Strong | $51.5M | 9.9% | 0.04% | vs |
| North Star Community Credit UnionCredit union Maddock, ND | 61 out of 100, Moderate | $464.8M | 14.3% | 2.87% | vs |
| Old National BankBank Evansville, IN | 59 out of 100, Moderate | $73.9B | 8.8% | 0.92% | vs |
| First International Bank & TrustBank Watford City, ND | 52 out of 100, Below average | $6.2B | 9.1% | 1.54% | vs |
| Cornerstone BankBank Fargo, ND | 47 out of 100, Below average | $1.9B | 9.6% | 2.35% | vs |