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Merchants State Bank
Freeman, SD · FDIC Certificate #1125 · Chartered 08/0
Total assets
$219.57M
Total deposits
$180.69M
Total equity
$35.30M
Net loans
$146.57M
Branches (offices)
4
Net income (YTD)
$2.09M
Rank: #2,865 of 4,213 U.S. banks by assets · #35 of 56 in South Dakota. Assets changed 2.3% and deposits 4.0% over the year to June 30, 2026.
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Key ratios
| Return on assets (YTD, annualized by FDIC) | 1.90% |
| Return on equity | 12.28% |
| Net interest margin (YTD) | 4.43% |
| Equity to assets | 16.08% |
| Tier 1 leverage ratio | 17.26% |
| Uninsured deposits (share of deposits) | 25.8% |
| Noncurrent loans (share of loans) | 0.32% |
| Net charge-offs (share of loans) | 0.01% |
| Loans to deposits | 81.1% |
| Real estate loans (share of loans) | 67.0% |
Loan mix
| Category | Amount | Share | |
|---|---|---|---|
| Real estate loans | $98.19M | 67.0% | |
| Commercial & industrial | $14.18M | 9.7% | |
| Consumer / individual | $2.50M | 1.7% | |
| Construction & development | $0 | 0.0% | |
| Agricultural | $28.05M | 19.1% |
Five-year trend (June snapshots)
| Period | Total assets | Deposits | Net income (year to date) | Equity / net worth |
|---|---|---|---|---|
| Jun 2022 | $223.81M | $198.82M | $1.60M | $21.59M |
| Jun 2023 | $215.67M | $177.77M | $1.59M | $24.18M |
| Jun 2024 | $217.90M | $176.77M | $1.81M | $27.36M |
| Jun 2025 | $214.71M | $173.70M | $2.01M | $30.42M |
| Jun 2026 | $219.57M | $180.69M | $2.09M | $35.30M |
Where its branch deposits sit (FDIC Summary of Deposits)
| State | Branch deposits | Offices |
|---|---|---|
| South Dakota | $180.69M | 4 |
Branch deposits are booked at the office that holds them, which is not always where the customer lives. Total across all offices: $180.69M.
Similar-sized banks
Carson Bank ($219.86M) · First Peoples Bank Of Tennessee ($219.54M)
Source: FDIC BankFind - Call Report and institution data as of June 30, 2026; branch deposits from the FDIC Summary of Deposits (June 30, 2026). See methodology.
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