Merchants Bank NA

What Merchants Bank NA does

Merchants Bank, N.A. is a federally chartered community bank founded in 1875 and headquartered in Winona, Minnesota, operating more than 20 branches across southeastern Minnesota and west-central Wisconsin with $2.8 billion in total assets, $2.55 billion in deposits, and $2.01 billion in net loans as of Q1 2026. The bank is a wholly owned subsidiary of Merchants Financial Group, Inc. (MFGI), which is publicly traded on OTC Markets under ticker MFGI and owned through an ESOP covering more than 420 employees plus approximately 760 individual and family shareholders from the bank's service region. The institution provides a full-service community banking platform spanning personal and business deposit accounts, consumer and commercial lending, residential mortgage origination and servicing, treasury management, equipment finance (operated nationally from Edina, MN), wealth management through a partnership with Osaic Wealth, Inc., and corporate trust and fiduciary services.

Name

Merchants Bank NA

Legal name

Merchants Bank, N.A.

Website

https://merchantsbank.com

Company type

Public

Founded year

1875

Operating status

Operating

Headcount range

251–500 employees

Short description

Merchants Bank, N.A. is a 150-year-old community bank serving southeastern Minnesota and west-central Wisconsin through 20+ branches, offering full-service personal, business, mortgage, equipment finance, and trust/wealth services.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE), Digital Retail Banking (Online & Mobile) (FSABAAAF)

Keywords

• Community banking services
• Commercial lending
• Residential mortgage lending
• Wealth management
• Equipment finance

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices25 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income: Interest income from loan portfolio (commercial, residential mortgage, consumer) net of interest paid on deposits. Core banking revenue from spread between lending rates and deposit rates. Total loans approximately $2.01 billion (Q1 2026) and total deposits approximately $2.55 billion (Q1 2026).
2. Trust and Wealth Management Fees: Fee income from trust services including investment management, estate planning, fiduciary services, and retirement plans. Trust wealth management division fee income of $1.47 million through Q2 2025, up 11.5% year-over-year. Strong quarter reported Q1 2026 with 48% increase in fee income vs. Q1 2025.
3. Investment Services: Securities and investment advisory services offered through partnership with Osaic Wealth, Inc. (member FINRA/SIPC). Investment services include financial planning, retirement planning, Roth IRA, and tax calculators.
4. Equipment Finance: Merchants Bank Equipment Finance division (based in Edina, MN) provides commercial equipment financing solutions to business customers nationwide. Serves as a national equipment finance operation within the community bank structure.
5. Mortgage Banking: Residential mortgage lending through retail mortgage lenders and correspondent mortgage banking network. Mortgage loan production volume of $140.5 million through Q2 2025 (16.2% above mid-year 2024). Servicing portfolio exceeds $2.6 billion in mortgage loans.
6. Treasury Management and Banking Fees: Treasury management services including collection solutions, disbursement solutions, fraud management (Positive Pay, ACH Filters), efficiency solutions, and credit card processing. Fee income from deposit accounts, debit/credit cards, and transaction fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels8 records

Core offering

Merchants Bank NA is a full-service community bank offering personal and business deposit accounts (checking, savings, money market, CDs, IRAs, HSAs), commercial and agricultural lending, residential mortgages and home construction loans, equipment financing, treasury management, credit cards, plus wealth, investment, and trust services. It operates 20+ branches across southeastern Minnesota and west-central Wisconsin and supplements its footprint with a correspondent mortgage banking program across six states and a national equipment finance division. Online, mobile, Zelle, and digital wallet channels extend the branch-based relationship banking model.

Product overview

Merchants Bank operates as a full-service community bank with a platform-plus-divisions architecture. The core banking platform offers personal and business deposit accounts, lending products, and digital banking services. This is supplemented by specialized divisions including Merchants Bank Equipment Finance (commercial equipment leasing in Edina, MN), Correspondent Mortgage Banking (servicing $2.6B+ in mortgage loans across ND, NE, SD, MN, IA, WI), Investment Services (via Osaic Wealth partnership), and Trust Services (corporate fiduciary). The bank serves retail, business, and wealth management customers across 20+ Minnesota and Wisconsin locations, with digital channels enabling online/mobile banking and Zelle payments.

Differentiator

Problem solved

Functional benefit

Brands

• Merchants Bank Equipment Finance: Commercial equipment financing division serving business customers nationwide, headquartered in Edina, MN.
• Merchants Investment Services

Products and services

• Personal Checking & Savings Personal deposit accounts and savings products including Relationship Checking, eChecking, Free Checking, Military Banking, Savings Accounts, Diamond Money Market, CDs & IRAs, and Health Savings Accounts for individuals and families in MN/WI.
• Business Checking & Savings Business deposit accounts and savings products including Small Business Checking, Business Checking, Interest-Bearing Business Checking, Nonprofit Business Checking, Business HSA, and Business Debit Card for small-to-mid-sized businesses, commercial enterprises, and nonprofits in MN/WI.
• Commercial Loans Commercial lending products including Commercial Loans, Agriculture Loans, Floor Plan Financing, and Small Business Loans, supported by dedicated commercial banking teams for businesses and agricultural operations in MN/WI.
• Residential Mortgages Home purchase and refinance loans including Traditional Mortgage, VA Mortgage, FHA Mortgage, Rural Development Mortgage, Minnesota Housing Mortgage, and Medical Professionals Mortgage Loan Program for homebuyers and homeowners in MN/WI.
• Home Construction Loans Construction financing for home building including Vacant Lot Loans, Home Construction Loans, and Renovation Loans with construction-to-permanent financing options for self-builders and remodelers in MN/WI.
• Home Equity Products Home equity financing products including Home Equity Line of Credit and Second Mortgage for homeowners in MN/WI seeking to access accumulated home equity.
• Investment Services Wealth management and investment advisory services offered through partnership with Osaic Wealth, Inc. (FINRA/SIPC), including Financial Planning, Small Business Retirement Plans, and managed investment accounts for individual and small business clients.
• Trust Services Corporate fiduciary services including Trust and Fiduciary Services, Investment Management, Estate Planning, Business Succession Planning, and Qualified Retirement Plans (401k, 403b, ESOP) for affluent individuals, families, and business owners.
• Treasury Management Cash management services including Collection Solutions, Disbursement Solutions, Fraud Management Solutions (ACH Blocks/Filters, Positive Pay), Efficiency Solutions, and Credit Card Processing for business clients in MN/WI.
• Equipment Finance Commercial equipment financing solutions provided through the Merchants Bank Equipment Finance division based in Edina, MN, serving business customers with equipment acquisition financing nationwide.
• Correspondent Mortgage Banking Mortgage banking services for correspondent bank partners, with a network spanning ND, NE, SD, MN, IA, and WI, supporting mortgage loan production, underwriting, and servicing on a portfolio exceeding $2.6 billion.
• Online & Mobile Banking Digital banking platform providing personal and business online/mobile account access, Zelle peer-to-peer payments, Digital Wallet support (Apple Pay, Google Pay, Samsung Pay), Credit Card Control, and Mobile Deposit capabilities.
• Credit Cards Personal and Business Visa credit card products with integrated fraud protection and card control features for individual and business customers.
• Kids & Students Banking Youth banking programs including Kids Savers Club, My Future Fund, and Student Checking accounts for minors and young adults, designed to build early banking relationships.

Quantifiable outcome

• Record net income of $32,377,995 in 2025, a 74.64% increase year-over-year
• +4 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability1 record

Partnerships

One partnership is on record.

• Osaic Wealth, Inc.coreTechnology or Integration · 1 January 2024Osaic Wealth, Inc. (member FINRA/SIPC) provides securities and investment advisory services in partnership with Merchants Bank's Investment Services division. Osaic Wealth registered representatives may transact securities business with residents of multiple states. The partnership enables Merchants to offer investment products including financial planning, retirement accounts, and tax-advantaged investing.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Bremer Financial Corporation: Bremer is a closely-held, employee-owned community bank holding company headquartered in St. Paul, MN, operating across Minnesota, Wisconsin, North Dakota, and Washington. It is a direct peer to Merchants Bank in terms of community bank model, MN/WI footprint, multi-state commercial lending, and employee ownership structure.
• Bell Bank: Bell Bank is an employee-owned (ESOP) community bank headquartered in Fargo, ND, with a strong presence in Minnesota and the upper Midwest. Comparable to Merchants Bank in employee ownership, midwestern footprint, and full-service community banking model.
• Stearns Bank: Stearns Bank is a Minnesota-based community bank with a national equipment finance division. It is a direct peer to Merchants Bank in terms of MN community banking roots and the national equipment finance platform that extends beyond the core geographic footprint.
• Alerus Financial: Alerus is a financial services company headquartered in Grand Forks, ND, operating in MN, ND, AZ, and other states with banking, mortgage, retirement, and wealth management services. Comparable to Merchants Bank as a mid-sized Upper Midwest community bank with diversified fee-income streams and wealth management.

Broad incumbents

• Old National Bancorp: Old National Bancorp is a large regional bank holding company serving the Midwest and Southeast with community banking, wealth management, and commercial banking. Comparable to Merchants Bank as a community-oriented bank with commercial lending and wealth management, though at significantly greater scale.
• Wintrust Financial Corporation: Wintrust is a Chicago-based financial holding company operating community banks across the Midwest. Comparable as a community-banking platform with diversified fee-income streams (wealth, mortgage, equipment finance) and a relationship-driven model, though at materially larger scale than Merchants.
• Heartland Financial USA (now HTLF / UMB): Heartland Financial USA was a multi-state community bank holding company operating across the Midwest, Southwest, and West. Comparable to Merchants Bank as a community banking consolidator with commercial banking, mortgage, and wealth management, recently acquired by UMB Financial.
• Associated Banc-Corp: Associated Bank is a regional bank holding company headquartered in Green Bay, WI, with branches across Wisconsin, Minnesota, and Illinois. Comparable as a community/regional bank competing in the same MN/WI markets for retail and commercial deposits and loans.

Regional players

• First Western Financial: First Western Financial is a community bank holding company headquartered in Colorado serving markets in the Mountain West. Comparable as a relationship-based community bank with private banking, wealth management, and mortgage, though operating in a different geographic region than Merchants.

Others

• FICO / Abrigo (banking technology vendor): Abrigo is a banking technology provider serving community and regional banks with credit risk, lending, and compliance software. Included as an ecosystem participant; not a competitor, but indicative of the technology vendors that support community banks of Merchants' profile and size.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/MerchantsBank1875
• Facebookfacebook.com/merchantsbank
• LinkedInlinkedin.com/company/merchants-bank-na
• Instagraminstagram.com/merchants.bank

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Merchants Bank NA