Merchants National Bank

What Merchants National Bank does

Merchants National Bank is an independent, privately-held community bank chartered in 1879 and headquartered in Logan, Ohio, with main operations centered in Hillsboro. As of May 2025 the bank held $1.3 billion in total assets and operated 17 individually-managed branch locations across 10 Ohio counties, supported by 15 on-site ATMs and access to over 55,000 surcharge-free ATMs through the Allpoint network. It serves individual consumers, small-to-medium businesses, non-profits, and agricultural operators with personal and business checking and savings accounts, CDs and IRAs, health savings accounts, Visa debit and credit cards, mortgages and home equity products, installment loans, and commercial/agricultural lending (real estate, equipment, construction, working capital). Treasury management services for business customers include Positive Pay check fraud protection, Remote Deposit Capture, online ACH origination, and Elavon merchant processing.

The bank runs on a traditional community-banking technology stack supplemented by vendor-supplied digital channels: a web-based online banking platform, iOS and Android mobile apps with biometric authentication, Zelle peer-to-peer payments, CardValet card controls, eStatements, and a business online banking module with multi-user permissions. DecisionAssist provides outsourced mortgage application origination, MoneyiQ powers the financial-literacy center, and Harland Clarke handles check reordering. All listed integrations are commodity fintech partnerships rather than proprietary platforms, and there is no disclosed AI/ML capability in the stack.

The business model is a standard community-bank spread-plus-fee construct: primary revenue from net interest income on real estate, commercial, agricultural, mortgage, and installment loans, supplemented by deposit-account service charges, treasury management fees, credit card interchange, wire transfer fees, safe deposit box rentals, and merchant processing residuals. Distribution is relationship-led across the 17-branch network, with each office locally managed and empowered to make its own lending and deposit decisions; digital channels and a 24-hour telephone banking line extend service outside branch hours. The bank is governed under Ohio law and federally chartered as a National Bank, with assets of $1.3B and no disclosed parent company, outside shareholders, or institutional investors.

Name

Merchants National Bank

Legal name

Merchants National Bank

Website

https://merchantsnat.com

Company type

Private

Founded year

1879

Operating status

Operating

Headcount range

11–50 employees

Short description

Merchants National Bank is an independent Ohio community bank (chartered 1879, $1.3B assets) operating 17 branches across 10 counties, offering deposit accounts, consumer and commercial loans, treasury management, and card services to individuals, small businesses, non-profits, and agricultural operators.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Credit Card Issuing (52221)

SIC

National Commercial Banks (6021), Personal Credit Institutions (6141)

akta.pro primary industry

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

akta.pro secondary industries

Merchant & Commercial Acquiring (POS/eCommerce acquiring for corporates) (FSABAIAH), Credit Cards & Revolving Credit (FSABAAAC)

Keywords

• Community banking services
• Personal deposit accounts
• Commercial lending
• Treasury management
• Agricultural financing

Headquarters

HQ city

Logan

HQ country

United States

HQ region

North America

Offices18 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: Primary revenue from interest earned on loans including real estate loans, construction loans, commercial loans, agricultural loans, home mortgages, home equity loans, installment loans, and credit cards. Interest rates include fixed rate and adjustable rate options.
2. Personal Checking Account Fees: Monthly service fees for checking accounts (e.g., $5 for Primetime account, $10 for Super NOW if balance falls below minimum). Additional revenue from check orders, online billpay fees, and dormancy fees ($5/month after 2 years of inactivity).
3. Business Banking Fees: Monthly service fees for business accounts ranging from no fee to $30 depending on account type. Transaction fees for excess items ($0.50 per item for Business Basic, $0.17-$0.35 per item for Commercial Checking). Remote deposit capture and other business services generate additional fees.
4. Treasury Management Services: Revenue from Positive Pay, Remote Deposit Capture, ACH Origination, and merchant services through Elavon Payment Processing Solutions. Includes transaction fees and service charges for cash management services.
5. Savings and Certificate of Deposit Interest Spreads: Interest earned on deposit accounts including savings, money market accounts, and CDs. Competitive market rate interest paid to depositors with spread retained as bank revenue.
6. Credit Card Fees and Interchange: Revenue from credit card transactions including interchange fees, annual fees (none for basic cards), and variable rate interest charges. UChoose Rewards program incentivizes card usage.
7. Other Banking Services: Fees from wire transfers, safe deposit boxes, night deposit services, cashier's checks, money orders, and telephone banking. Domestic wire transfer routing number 042205009.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels7 records

Core offering

Merchants National Bank is a community bank that offers personal and business deposit products (checking, savings, money market, CDs/IRAs, HSAs), consumer and commercial lending (home mortgages, home equity, installment, commercial real estate, equipment, construction, working capital, agricultural loans), and digital banking services (online banking, mobile app, Zelle, eStatements, bill pay). It provides Visa debit and credit cards, treasury management tools (Positive Pay, Remote Deposit Capture, ACH origination), merchant services through Elavon, and 24/7 access through 17 Ohio branches, ATM networks, telephone banking, and online/mobile channels.

Product overview

Merchants National Bank is a community bank offering a unified portfolio of traditional banking products and services organized into personal banking, business banking, loan solutions, and online services. Personal banking includes checking accounts (MNB Free, Primetime, Super NOW), savings accounts (MNB Savings, Plus Savings, Youth Savings, Money Market), CDs & IRAs, and Health Savings Accounts. The bank's digital services encompass Online Banking, Mobile Banking with biometric support, Bill Payment, eStatements, and Zelle integration. Card products include Visa Debit and Credit Cards with CardValet management app. Loan offerings span personal loans (home mortgages, home equity products, construction loans, installment loans for vehicles), business loans (commercial real estate, equipment, construction, working capital, agricultural), and treasury management services (Positive Pay, Remote Deposit Capture, Merchant Services via Elavon). The bank operates 17 branches across Ohio with ATM access at 15 locations.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Tiered personal checking accounts for individual consumers: MNB free Checking (no minimum balance, no monthly fee), Primetime Checking for ages 50+ ($100 minimum, $5 monthly fee), and Super NOW ($1,000 minimum, $10 monthly fee). Features free online/telephone banking, unlimited debit card transactions, and free fraud protection.
• Personal Savings Accounts Interest-bearing personal savings options including MNB Savings ($200 minimum to open, $4 monthly fee if below minimum), MNB Plus Savings (age 60+ or disability income, no minimums), Youth Savings (under 18, no minimums), and Insured Money Market ($100 minimum to open). Features 4-6 free withdrawals per month.
• Certificates of Deposit (CDs) & IRAs Certificates of Deposit with $1,000 minimum ($500 for minors), terms ranging from 30 days to 60 months, interest paid monthly, quarterly, or semi-annually. Special term CDs available. Individual Retirement Accounts (IRAs) also offered.
• Health Savings Accounts (HSA) Tax-exempt Health Savings Accounts for paying and reimbursing qualified medical expenses, featuring no associated fees, free checks, free Visa Debit Card, $100 minimum deposit, and IRS reporting.
• Online Banking 24/7 web-based online banking platform providing access to checking, savings, money market, CD, and loan accounts with features including balance checking, account history viewing, fund transfers, loan payments, check ordering, and check imaging. Free basic service.
• Mobile Banking Mobile banking application for iOS and Android smartphones and tablets providing account access, money transfers, ATM and branch locating, Zelle peer-to-peer payments, biometric authentication support, and Instant Balance pre-login feature.
• Visa Debit Card Visa debit card usable at any ATM bearing the Visa or Accel logo and accepted as credit at merchants displaying the Visa logo, with funds deducted automatically from checking accounts. No monthly or annual fee.
• Visa Credit Card Visa credit card with no annual fee, variable rate calculation, chip card security, and the UChoose Rewards points program enabling redemption for brand-name merchandise and travel awards.
• Home Mortgages Home purchase and refinance mortgages including 10, 15, 20, and 30-year fixed-rate conventional loans, adjustable-rate mortgages, jumbo loans, interest-only loans, lot loans, and one-closing construction-permanent loans.
• Home Equity Fixed Rate Loans Fixed-rate home equity loans using home equity as collateral for purposes such as pool installation, garages, or debt consolidation, with potentially tax-deductible interest.
• Home Equity Lines of Credit Revolving credit lines secured by home equity, accessible by writing checks or transferring funds to checking accounts, with potentially tax-deductible interest.
• Installment Loans Auto, truck, and recreational vehicle installment loans offered with competitive rates and terms and optional auto-deduction from checking accounts for repayment.
• Business Checking Accounts Business checking account tiers: Business Basic Checking (no monthly fee, 100 free transactions), Premium Business Checking ($20,000 minimum, $20 monthly fee, 300 free transactions), Commercial Checking ($100 minimum, $30 monthly fee with earnings credit), Club Checking for non-profits ($5,000 minimum, $15 monthly fee).
• Business Online Banking with Cash Management Advanced online cash management platform for business clients offering wire transfers, stop payments, ACH file creation, payroll management, bank-to-bank transfers, tax payments, and multi-user access with customizable permissions.
• Treasury Management Services Suite of business cash management services including Positive Pay check fraud protection, Remote Deposit Capture, Online ACH Origination for payroll/vendor/tax payments, and merchant services delivered through Elavon Payment Processing Solutions.
• Commercial Real Estate Loans Loans for purchasing or refinancing commercial real estate and investment properties, with various rates, terms, and tailored structures provided by business bankers at branches.
• Equipment Loans Business equipment financing with competitive fixed rates, flexible terms, and direct vendor payment options for business customers.
• Construction Loans Commercial construction financing with pre-approval for long-term mortgages, cost monitoring, and disbursement management during the construction period.
• Working Capital Loans Short and intermediate-term working capital financing for businesses requiring funds for day-to-day operations.
• Agricultural Loans Farm and agricultural financing for operating expenses, crops, livestock, equipment, and real estate, delivered through agricultural lenders with expertise in farming operations.
• Safe Deposit Boxes Secure safe deposit boxes available at most branch locations in various sizes for protecting valuables from fire, theft, or loss.
• Wire Transfers Domestic and international wire transfer services, with the bank routing number 042205009 used for domestic transfers.
• Direct Deposit Electronic direct deposit service for recurring payments including payroll, Social Security, civil service retirement, and railroad/military retirement income.
• Night Deposit Service After-hours secure deposit service available at all branch locations, featuring an envelope slot and a key-accessed drawer for larger deposit bags.
• Zelle Person-to-Peer Payments Peer-to-peer payment service integrated into Online and Mobile Banking enabling customers to send money directly to friends and family.

Quantifiable outcome

• Bank grew from $37 Million in assets (1981) to $1.3 Billion under current leadership
• +2 more outcomes

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature8 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Allpoint ATM NetworkcoreTechnology or IntegrationPartnership providing MNB customers surcharge-free ATM access at over 55,000 participating ATM locations worldwide. Customers can use Allpoint ATM Locator or mobile app to find surcharge-free ATMs at Target, Kroger, Walgreens, and other locations. This partnership extends the bank's physical footprint without additional branch investment.
• Elavon Payment Processing SolutionscoreTechnology or IntegrationIndustry-leading payment processing partner (25+ years) providing merchant services for business customers. Solutions include in-person, online, and mobile payment acceptance, smart terminals, Chip Card/EMV terminals, tablet POS systems, ecommerce, loyalty/gift cards, mobile wallet acceptance (Apple Pay, Samsung Pay, Google Pay), next day business funding, and PCI data protection. Available 24/7/365 customer service.
• Federal Communications Commission (FCC)minorOthersFCC governs spoofing rules and consumer protection regulations. MNB directs customers to FCC consumer complaints portal (consumercomplaints.fcc.gov) for reporting suspected spoofing violations.
• Anti-Phishing Working GroupminorOthersIndustry consortium of ISPs, security vendors, financial institutions, and law enforcement agencies combating phishing. MNB directs customers to [email protected] for phishing email reporting.

Scale indicators13 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Park National Corporation: Headquartered in Newark, Ohio, Park National operates a comparable full-service community bank model across Ohio and adjacent states, with a similar mix of consumer deposits, commercial lending, and treasury management. Closest like-for-like Ohio community bank peer to MNB.
• Heartland Bank: Central Ohio community bank offering deposit, lending, and treasury management products to consumers and small businesses. Comparable scale and product breadth to MNB, with overlapping Ohio footprint.
• First Financial Bank: Cincinnati-based community and regional bank offering consumer and commercial lending, treasury management, and wealth services across Ohio and adjacent states. Direct competitor in Ohio SMB and consumer banking markets.
• First Merchants Bank: Indiana-based community bank with Ohio presence providing consumer deposits, commercial lending, and treasury management. Similar community-bank operating model and overlapping Midwest geographic reach.
• WesBanco, Inc. Wheeling, West Virginia–based community bank with significant Ohio branch presence, offering consumer/commercial banking, mortgages, and treasury management. Comparable relationship-banking model and overlapping Ohio footprint.
• Civista Bank: Ohio-based community bank of similar asset size offering consumer and commercial banking, mortgages, and treasury services across northern Ohio. Closely mirrors MNB's full-service community banking profile and operating geography.

Broad incumbents

• Fifth Third Bank: Cincinnati-headquartered super-regional bank offering consumer and commercial banking, payments, and treasury services across Ohio and the broader Midwest. A much larger incumbent competing for the same SMB and consumer customers MNB serves.
• Huntington Bancshares: Columbus, Ohio–headquartered regional bank with deep statewide retail and commercial presence. A scale incumbent that competes with MNB for Ohio SMB deposits, treasury management, and consumer relationships.

Regional players

• Vinton County National Bank: Small Ohio community bank headquartered in McArthur serving southern Ohio. Closest geographic proxy for MNB's rural-county footprint but at materially smaller scale and more limited product breadth.

Emerging players

• MainStreet Bancshares: Community bank holding company focused on relationship banking in the Mid-Atlantic and adjacent markets with similar consumer/SMB product set. Comparable community-bank thesis but smaller scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/merchants-national-bank

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

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 National Bank