Merchants State Bank (FDIC certificate #1125) is based in Freeman, South Dakota. Its Q2 2026 call report shows $219.6M in total assets and $180.7M in deposits and 4 offices.
Merchants State Bank has a TellerScore of 91 out of 100 (very strong) based on Q2 2026 data — higher than 96% of its 2,650 banks with $100 million – $1 billion. Among 56 banks headquartered in South Dakota, it ranks 5th. Capital cushion contributes the most (100/100, 17.26%); funding & liquidity contributes the least (67/100, 81% loans-to-deposits, 26% uninsured).
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
The score has been essentially flat from Q2 2025 to Q2 2026 (92 → 91).
Show as table
| Quarter | TellerScore |
|---|---|
| Q2 2024 | 90 |
| Q3 2024 | 90 |
| Q4 2024 | 89 |
| Q1 2025 | 89 |
| Q2 2025 | 92 |
| Q3 2025 | 91 |
| Q4 2025 | 90 |
| Q1 2026 | 89 |
| Q2 2026 | 91 |
Show as table
| Quarter | Tier 1 leverage ratio |
|---|---|
| Q2 2024 | 14.98% |
| Q3 2024 | 15.75% |
| Q4 2024 | 15.77% |
| Q1 2025 | 16.05% |
| Q2 2025 | 16.39% |
| Q3 2025 | 16.90% |
| Q4 2025 | 16.68% |
| Q1 2026 | 17.13% |
| Q2 2026 | 17.26% |
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| Quarter | Noncurrent loans |
|---|---|
| Q2 2024 | 0.22% |
| Q3 2024 | 0.22% |
| Q4 2024 | 0.20% |
| Q1 2025 | 0.48% |
| Q2 2025 | 0.21% |
| Q3 2025 | 0.35% |
| Q4 2025 | 0.33% |
| Q1 2026 | 0.33% |
| Q2 2026 | 0.32% |
Show as table
| Quarter | Return on assets |
|---|---|
| Q2 2024 | 1.67% |
| Q3 2024 | 1.70% |
| Q4 2024 | 1.55% |
| Q1 2025 | 1.83% |
| Q2 2025 | 1.88% |
| Q3 2025 | 1.91% |
| Q4 2025 | 1.74% |
| Q1 2026 | 1.63% |
| Q2 2026 | 1.90% |
| Quarter | Score | Assets | Capital | Problem loans | ROA | Loans/deposits |
|---|---|---|---|---|---|---|
| Q2 2026 | 91 | $219.6M | 17.26% | 0.32% | 1.90% | 81.1% |
| Q1 2026 | 89 | $217.6M | 17.13% | 0.33% | 1.63% | 83.1% |
| Q4 2025 | 90 | $221.5M | 16.68% | 0.33% | 1.74% | 82.0% |
| Q3 2025 | 91 | $212.5M | 16.90% | 0.35% | 1.91% | 81.6% |
| Q2 2025 | 92 | $214.7M | 16.39% | 0.21% | 1.88% | 80.5% |
| Q1 2025 | 89 | $216.9M | 16.05% | 0.48% | 1.83% | 80.0% |
| Q4 2024 | 89 | $209.4M | 15.77% | 0.20% | 1.55% | 82.6% |
| Q3 2024 | 90 | $212.2M | 15.75% | 0.22% | 1.70% | 80.0% |
| Q2 2024 | 90 | $217.9M | 14.98% | 0.22% | 1.67% | 80.4% |
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 South Dakota
| Institution | Score | Assets | Capital | Problem loans | Compare |
|---|---|---|---|---|---|
| Campbell County Bank, Inc.Bank Herreid, SD | 82 out of 100, Strong | $240.7M | 12.9% | 0.58% | vs |
| Quoin Financial BankBank Miller, SD | 67 out of 100, Moderate | $250.7M | 7.9% | 0.21% | vs |
| Security National Bank of South DakotaBank Dakota Dunes, SD | 93 out of 100, Very strong | $251.5M | 14.1% | 0.00% | vs |
| Farmers State BankBank Parkston, SD | 76 out of 100, Strong | $254.8M | 10.0% | 0.00% | vs |
| Farmers and Merchants State BankBank Plankinton, SD | 73 out of 100, Strong | $180.4M | 11.0% | 0.76% | vs |
| Commercial State Bank, of WagnerBank Wagner, SD | 66 out of 100, Moderate | $260.4M | 11.8% | 2.29% | vs |
Deposit insurance
Is my money safe at Merchants State Bank?
Yes. Merchants State Bank is an FDIC-insured institution (FDIC certificate #1125). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category.
An estimated 25.8% of deposits ($46.6M) 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 17.26%, well above the 5% level regulators use as the "well capitalized" benchmark for this measure. Its total risk-based capital ratio is 0.00% (benchmark: 10%).
4 locations
Branches
Merchants State Bank lists 4 offices in 4 cities. Most locations:
- Freeman, SD (1)
- Hurley, SD (1)
- Irene, SD (1)
- Viborg, SD (1)
Identity & history
Profile
- Legal name
- Merchants State Bank
- Type
- State-chartered bank (Fed member)
- FDIC certificate #
- 1125
- RSSD ID
- 289757
- Primary regulator
- FED
- Holding company
- H&w Holding Co
- Established
- August 8, 1899
- Headquarters
- 305 S Main St, Freeman, SD 57029
- Website
- www.msb-sd.com
- Employees
- 30
Quick answers
Merchants State Bank: common questions
Is Merchants State Bank FDIC insured?
Yes. Merchants State Bank is an FDIC-insured institution (FDIC certificate #1125). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category.
What is Merchants State Bank's TellerScore?
91 out of 100 (Very 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 State Bank ever failed?
There is no failure record for FDIC certificate #1125 in the FDIC failed bank list.
How many branches does Merchants State Bank have?
4 offices as of the latest FDIC data.
Nearby
Highest-scoring banks and credit unions with branches near Freeman
| Institution | Score | Assets | Capital | Problem loans | Compare |
|---|---|---|---|---|---|
| The Security State BankBank Emery, SD | 99 out of 100, Very strong | $64.8M | 19.5% | 0.00% | vs |
| First Savings BankBank Beresford, SD | 83 out of 100, Strong | $1.6B | 19.3% | 0.90% | vs |
| The Farmers and Merchants State BankBank Scotland, SD | 83 out of 100, Strong | $36.0M | 11.9% | 0.08% | vs |
| Campbell County Bank, Inc.Bank Herreid, SD | 82 out of 100, Strong | $240.7M | 12.9% | 0.58% | vs |
| Reliabank DakotaBank Estelline, SD | 71 out of 100, Strong | $788.4M | 10.5% | 0.26% | vs |
| Rivers Edge BankBank Marion, SD | 68 out of 100, Moderate | $357.1M | 8.3% | 0.16% | vs |