Merchants Bank, National Association is a national bank headquartered in Winona, Minnesota, in business for about 151 years. At the end of Q2 2026 it reported $2.9B in total assets and $2.5B in deposits, with 22 offices across 2 states.
Based on its Q2 2026 filing, Merchants Bank, National Association scores 73/100, which we describe as strong. That is higher than 70% of 897 banks with $1 billion – $10 billion. Among 223 banks headquartered in Minnesota, it ranks 78th. Its strongest component is problem-loan coverage (94/100; 3.2%), and its lowest is capital cushion (65/100; 11.49%).
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 5 points (68 → 73), mostly because the loan quality component improved by 8 points.
Show as table
| Quarter | TellerScore |
|---|---|
| Q2 2024 | 67 |
| Q3 2024 | 64 |
| Q4 2024 | 67 |
| Q1 2025 | 70 |
| Q2 2025 | 68 |
| Q3 2025 | 68 |
| Q4 2025 | 70 |
| Q1 2026 | 69 |
| Q2 2026 | 73 |
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| Quarter | Tier 1 leverage ratio |
|---|---|
| Q2 2024 | 11.06% |
| Q3 2024 | 10.89% |
| Q4 2024 | 10.58% |
| Q1 2025 | 10.60% |
| Q2 2025 | 11.04% |
| Q3 2025 | 11.16% |
| Q4 2025 | 11.28% |
| Q1 2026 | 11.29% |
| Q2 2026 | 11.49% |
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| Quarter | Noncurrent loans |
|---|---|
| Q2 2024 | 0.56% |
| Q3 2024 | 0.79% |
| Q4 2024 | 0.33% |
| Q1 2025 | 0.36% |
| Q2 2025 | 0.78% |
| Q3 2025 | 0.90% |
| Q4 2025 | 0.83% |
| Q1 2026 | 0.91% |
| Q2 2026 | 0.53% |
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| Quarter | Return on assets |
|---|---|
| Q2 2024 | 0.88% |
| Q3 2024 | 0.82% |
| Q4 2024 | 0.78% |
| Q1 2025 | 1.01% |
| Q2 2025 | 1.11% |
| Q3 2025 | 1.20% |
| Q4 2025 | 1.23% |
| Q1 2026 | 1.22% |
| Q2 2026 | 1.23% |
| Quarter | Score | Assets | Capital | Problem loans | ROA | Loans/deposits |
|---|---|---|---|---|---|---|
| Q2 2026 | 73 | $2.9B | 11.49% | 0.53% | 1.23% | 81.5% |
| Q1 2026 | 69 | $2.9B | 11.29% | 0.91% | 1.22% | 78.7% |
| Q4 2025 | 70 | $2.9B | 11.28% | 0.83% | 1.23% | 80.3% |
| Q3 2025 | 68 | $2.8B | 11.16% | 0.90% | 1.20% | 83.1% |
| Q2 2025 | 68 | $2.8B | 11.04% | 0.78% | 1.11% | 85.8% |
| Q1 2025 | 70 | $2.8B | 10.60% | 0.36% | 1.01% | 83.8% |
| Q4 2024 | 67 | $2.8B | 10.58% | 0.33% | 0.78% | 86.0% |
| Q3 2024 | 64 | $2.7B | 10.89% | 0.79% | 0.82% | 91.7% |
| Q2 2024 | 67 | $2.6B | 11.06% | 0.56% | 0.88% | 96.9% |
897 peers · $1 billion – $10 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 Minnesota
| Institution | Score | Assets | Capital | Problem loans | Compare |
|---|---|---|---|---|---|
| Minnwest BankBank Redwood Falls, MN | 68 out of 100, Moderate | $2.9B | 10.8% | 0.56% | vs |
| Tradition Capital BankBank Wayzata, MN | 61 out of 100, Moderate | $2.7B | 8.9% | 0.01% | vs |
| Stearns Bank National AssociationBank Saint Cloud, MN | 67 out of 100, Moderate | $3.3B | 15.4% | 2.65% | vs |
| Think Mutual BankBank Rochester, MN | 86 out of 100, Very strong | $2.2B | 16.3% | 0.25% | vs |
| Frandsen Bank & TrustBank Lonsdale, MN | 71 out of 100, Strong | $3.7B | 10.0% | 0.71% | vs |
| Deerwood BankBank Waite Park, MN | 68 out of 100, Moderate | $1.5B | 8.1% | 0.29% | vs |
Deposit insurance
Is my money safe at Merchants Bank, National Association?
Yes. Merchants Bank, National Association is an FDIC-insured institution (FDIC certificate #8866). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category.
An estimated 25.8% of deposits ($644.2M) are above the $250,000 FDIC insurance limit, below the peer median of 31%. Insured balances are protected regardless of the score.
The tier 1 leverage ratio is 11.49%, well above the 5% level regulators use as the "well capitalized" benchmark for this measure. Its total risk-based capital ratio is 14.60% (benchmark: 10%).
22 locations
Branches
Merchants Bank, National Association lists 22 offices in 18 cities across 2 states. Most locations:
- Winona, MN (3)
- Northfield, MN (2)
- Rochester, MN (2)
- Apple Valley, MN (1)
- Caledonia, MN (1)
- Cannon Falls, MN (1)
- Cottage Grove, MN (1)
- Eau Claire, WI (1)
- Hastings, MN (1)
- La Crescent, MN (1)
- Lakeville, MN (1)
- Lanesboro, MN (1)
HMDA 2025
Mortgage lending
In 2025, Merchants Bank, National Association reported 1,791 home-loan applications under HMDA (LEI 549300OZIFHR7THILC90): 1,537 originated ($362,055,000 total), 98 denied, and 143 withdrawn or closed by the applicant. Its denial rate on decided applications was 5.9%, compared with 22.2% for all lenders nationwide.
Denial rates depend heavily on loan type and applicant mix and are not a measure of fairness or of your own odds.
Identity & history
Profile
- Legal name
- Merchants Bank, National Association
- Former names
- Merchants National Bank of Winona
- Type
- National bank
- FDIC certificate #
- 8866
- RSSD ID
- 779351
- Primary regulator
- OCC
- Holding company
- Merchants Financial Group Inc
- Established
- January 1, 1875
- Headquarters
- 100 E 3rd St, Winona, MN 55987
- Website
- www.merchantsbank.com
- Employees
- 385
Quick answers
Merchants Bank, National Association: common questions
Is Merchants Bank, National Association FDIC insured?
Yes. Merchants Bank, National Association is an FDIC-insured institution (FDIC certificate #8866). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category.
What is Merchants Bank, National Association's TellerScore?
73 out of 100 (Strong), 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, National Association ever failed?
There is no failure record for FDIC certificate #8866 in the FDIC failed bank list.
How many branches does Merchants Bank, National Association have?
22 offices as of the latest FDIC data, in 2 states.
Nearby
Highest-scoring banks and credit unions with branches near Winona
| Institution | Score | Assets | Capital | Problem loans | Compare |
|---|---|---|---|---|---|
| Bluff View BankBank Galesville, WI | 90 out of 100, Very strong | $152.8M | 14.9% | 0.00% | vs |
| The First National Bank of BangorBank Bangor, WI | 83 out of 100, Strong | $363.7M | 31.6% | 0.95% | vs |
| Bank of AlmaBank Alma, WI | 83 out of 100, Strong | $339.5M | 50.8% | 0.97% | vs |
| Arcadia Credit UnionCredit union Arcadia, WI | 79 out of 100, Strong | $144.2M | 12.9% | 0.46% | vs |
| Altra Federal Credit UnionCredit union Onalaska, WI | 78 out of 100, Strong | $3.1B | 12.7% | 0.46% | vs |
| Wnb Financial, N.A.Bank Winona, MN | 76 out of 100, Strong | $583.7M | 10.3% | 0.08% | vs |