Merchants Bank, National Association: how it compares with its peers
Against 9 MN banks with half to twice its assets, Merchants Bank, National Association's strongest measure in Q2 2026 is net interest margin (3.65% vs. a 3.35% peer median). Its weakest relative measure is efficiency ratio (63.53% vs. 53.77%).
| Measure | This bank | Peer median | Rank |
|---|---|---|---|
| Return on assets Annualized net income over average assets. | 1.23% | 1.30% | Bottom third Ahead of 33% of peers |
| Net interest margin Annualized net interest income over earning assets. | 3.65% | 3.35% | Middle third Ahead of 56% of peers |
| Efficiency ratio Noninterest expense per dollar of revenue. Lower is better. | 63.53% | 53.77% | Bottom third Ahead of 11% of peers |
| Assets per employee Total assets over full-time-equivalent staff. | $7.5M | $8.4M | Bottom third Ahead of 11% of peers |
| Loans to deposits Net loans and leases over total deposits. | 81.50% | 79.53% | Context |
What it means for lending operations
Its efficiency ratio of 63.53% is above the 53.77% peer median: it spends more to earn each dollar of revenue than most banks its size. Staff time on manual borrower verification (collecting pay stubs, bank statements, and employment letters, then re-keying them) is one of the larger controllable costs behind that number.
Banks closest in size
- Minnwest Bank Redwood Falls, MN · $2.94B
- Tradition Capital Bank Wayzata, MN · $2.72B
- Stearns Bank National Association Saint Cloud, MN · $3.27B
- Think Mutual Bank Rochester, MN · $2.23B
- Frandsen Bank & Trust Lonsdale, MN · $3.66B
- Deerwood Bank Waite Park, MN · $1.52B
Questions about Merchants Bank, National Association
How big is Merchants Bank, National Association?
Merchants Bank, National Association, established in 1875, is headquartered in Winona, MN. It reported $2.88B in total assets in its Q2 2026 FDIC call report and operates 22 offices.
What is Merchants Bank, National Association's return on assets?
1.23% annualized in Q2 2026, against a 1.30% median for 9 MN banks with half to twice its assets, ahead of 33% of them.
What is Merchants Bank, National Association's efficiency ratio?
63.53% in Q2 2026: it spent about 64 cents in noninterest expense for each dollar of revenue. The peer median is 53.77%, and lower is better.
Is Merchants Bank, National Association growing its loans?
Net loans shrank 1.4% over the year to Q2 2026, while deposits grew 3.7%.
Sources and method
Figures are from the FDIC’s public call report data for the quarter ending 06/30/2026, via FDIC BankFind. Return on assets and net interest margin are annualized year to date. Peers are MN banks with half to twice its assets in the same quarter, excluding this bank. The page refreshes daily, so new quarters appear as banks file. Compare another bank or see every Minnesota bank ranked.