← The catalogue
Q2 2026 · read from the 30 June 2026 Call Report · United States · Plains · Minnesota, the state note

Merchants Bank National Association

Winona, Minnesota · $2.88B in assets · beside the 11 other Minnesota banks between $1B and $3B

The filing

-1.5%
Loans, year over year
12th of 12, largest first
11.9%
Equity / assets
2nd of 12
63.5%
Efficiency
9th of 12

Merchants Bank National Association is the second largest of the 12 Minnesota banks nearest its size between $1B and $3B, with $2.88B in assets at 30 June 2026. Loans are 82.5% of deposits, 7th of 12 against a median of 78.7%, and equity is 11.9% of assets, 2nd of 12. Loans grew -1.5% in the year, the slowest in the cohort, and deposits grew 3.7%; the cohort's median loan growth is +4.6%.

Noncurrent loans are 0.53% of the book, 8th of 12 against a median of 0.43%; 0.13% is 30 to 89 days past due, and the allowance covers them 2.4 times. Commercial real estate is 34.0% of loans, 6th of 12 against a median of 34.2%, and 197% of capital, below the 300% screen, with construction at 21% against the 100% screen.

Return on assets is 1.24%, 7th of 12 against a median of 1.27%, on an efficiency ratio of 63.5%, 9th of 12. Five years ago it was 1.45%. The question is which of these lines moves first over the next four quarters, and against which peer.

Equity as a share of assetsMN banks $1B to $3B · 30 June 2026 · higher is stronger, listed first
median 9.5% TM Think Mutual Bank 15.4% MB Merchants Bank National Association 11.9% MB Minnwest Bank 11.5% CA Citizens Alliance Bank 9.9% PS Park State Bank 9.8% PB Premier Bank 9.6% SB Security Bank & Trust Co. 9.4% FR First Resource Bank 9.3% DB Deerwood Bank 8.9% TC Tradition Capital Bank 8.4% FN First National Bank of Bemidji 8.1% NA North American Banking Co. 6.8%
Loans, year over yearMN banks $1B to $3B · 30 June 2026 · no better direction, largest first
median +4.6% FN First National Bank of Bemidji +27.5% FR First Resource Bank +27.5% PB Premier Bank +8.3% MB Minnwest Bank +6.4% TC Tradition Capital Bank +6.1% SB Security Bank & Trust Co. +5.1% CA Citizens Alliance Bank +4.0% PS Park State Bank +3.6% DB Deerwood Bank +3.2% NA North American Banking Co. +3.0% TM Think Mutual Bank -1.5% MB Merchants Bank National Association -1.5%

SBA 7(a), FY2008 to FY2026

Merchants Bank National Association is the 32nd largest 7(a) lender into Minnesota of 444, with $69M across 252 loans, 0.7% of everything approved in the state (Old National Bank leads with $1.05B). 16 of its 35 markets have had no approvals since before FY2023: an absence in the record, not a stated withdrawal.

Where it lends in Minnesota, and where it has gone quietshare movement, FY2023 to FY2025 against FY2020 to FY2022; outlined counties are on the book
Gaining shareLosing shareFlatGone quiet: nothing since FY2023Too thin to read a directionNo record
Every market on the book, largest firstrank and share among every lender in the county, FY2008 to FY2026
CountyApprovedRankShareTrend
Winona, MN$14M1st of 2524.7%-21.0 pts
Rice, MN$12M2nd of 4312.1%+0.8 pts
Dakota, MN$11M19th of 1601.4%-0.3 pts
Hennepin, MN$9M51st of 2280.3%-0.2 pts
La Crosse, WI$7M10th of 503.0%-0.1 pts
Saint Croix, WI$6M11th of 632.7%thin
Trempealeau, WI$5M2nd of 2114.9%-1.2 pts
Houston, MN$4M1st of 1920.2%thin
Washington, MN$3M28th of 1090.8%+0.3 pts
Fillmore, MN$3M2nd of 2414.3%thin
Goodhue, MN$3M7th of 315.0%thin
Sauk, WI$2M12th of 314.2%quiet FY2015
Wabasha, MN$2M3rd of 1713.2%quiet FY2012
22 smaller markets not shown.
What it lends to: the five largest industries on the bookshare of book is concentration; share of sector and rank are position, among every 7(a) lender nationally
IndustryLoansApprovedShare of bookShare of sectorRank
Construction49$20M20.3%0.06%237th of 2,063
Accommodation & food services48$19M20.1%0.03%389th of 2,596
Manufacturing34$15M15.7%0.04%352nd of 2,246
Retail trade41$10M9.9%0.02%496th of 2,589
Health care & social assistance26$7M7.2%0.01%468th of 2,172
7(a) lenders into Minnesota, share of approvals since FY2008444 lenders on record; the ten largest and Merchants Bank National Association
ON Old National Bank 10.7% $1.05B · 2,156 loans WF Wells Fargo Bank National Associa… 6.7% $663M · 2,451 loans UB U.S. Bank, National Association 5.7% $556M · 3,508 loans B Bankvista 4.5% $438M · 1,010 loans CF Choice Financial Group 3.6% $349M · 744 loans PB Platinum Bank 3.2% $318M · 420 loans LO Live Oak Banking Company 2.5% $247M · 190 loans sC 21st Century Bank 2.4% $238M · 699 loans FN Falcon National Bank 2.1% $211M · 546 loans SB Sunrise Banks National Association 2.1% $204M · 726 loans MB Merchants Bank, National Associat… 0.7% $69M · 252 loans

Commercial real estate against capital

Commercial real estate concentrationthe 2006 interagency screens against total risk-based capital; Tier 1 stands in for the 2 CBLR filers; owner-occupied excluded; bold marks a screen met
Merchants Bank National AssociationRankCohort median
Total CRE against capital, the 300% screen197%5th of 12208%
Construction against capital, the 100% screen21%3rd of 1244%
Construction and land development, share of loans3.7%3rd of 126.7%
Non-owner-occupied nonfarm nonresidential, share of loans15.8%7th of 1215.0%
Total CRE, the guidance definition, share of loans34.0%6th of 1234.2%
CRE growth over 36 months, the third prong-1.7%2nd of 12+22.7%

Among its peers

Where it sits among its peersnavy: the stronger half of each column; amber: the weaker; darker at the ends
InstitutionAssetsROAEfficiencyNPA / loansNet charge-offsAllowance / loansLoans / depositsEquity / assets
Minnwest Bank$2.94B1.2%59.3%0.56%0.19%1.4%91.6%11.5%
Merchants Bank National Association$2.88B1.2%63.5%0.53%0.06%1.3%82.5%11.9%
Tradition Capital Bank$2.72B0.9%53.8%0.01%0.09%1.2%107.3%8.4%
Think Mutual Bank$2.23B0.6%75.7%0.25%0.05%0.5%65.2%15.4%
Deerwood Bank$1.52B1.8%57.3%0.29%0.02%0.9%69.3%8.9%
Park State Bank$1.49B1.3%51.6%0.92%0.55%1.0%74.9%9.8%
North American Banking Co.$1.47B2.0%49.7%0.51%0.02%1.2%72.1%6.8%
Citizens Alliance Bank$1.44B0.2%68.6%1.48%0.00%1.1%82.9%9.9%
Security Bank & Trust Co.$1.33B2.0%50.9%0.34%0.07%1.0%72.1%9.4%
Premier Bank$1.18B2.0%39.6%0.00%-0.02%1.4%85.3%9.6%
First Resource Bank$1.08B0.8%64.5%0.09%0.59%1.1%88.4%9.3%
First National Bank of Bemidji$1.08B1.4%52.2%1.99%0.00%0.6%65.0%8.1%
Five years, 2021 to 2026same quarter, five years apart; dollars as growth, ratios in points
Merchants Bank National AssociationCohort median
20212026Change20212026Change
Loans$1.68B$2.06B+23%$678M$929M+37%
Deposits$2.39B$2.50B+4%$906M$1.21B+34%
NPA / loans0.96%0.53%-0.43 pts0.68%0.43%-0.25 pts
Efficiency57.9%63.5%+5.7 pts55.1%55.6%+0.4 pts
ROA1.45%1.24%-0.21 pts1.41%1.27%-0.14 pts

This read was prepared for Merchants Bank National Association's board and management from the public record, and is one slice of what Lynx builds for any bank from its own filing: the peer cohort, the capital, liquidity and rate models with the assumptions the institution sets, and a summary report of twenty sections for the board.

The full pack on Merchants Bank National Association is prepared on request, and thirty days on the institution's own numbers are open to anyone at the bank.

Ask for the pack

Prepared 7 September 2026
Filing 30 June 2026
Cohort MN banks $1B to $3B
Institution www.merchantsbank.com

Public record only: FFIEC Call Report, 30 June 2026; FDIC data; cohort by state and asset band; SBA 7(a) FOIA release as of the 2026 file, loans credited to the institution holding them today. Computed from the institution's own Call Report and its peers' as published; no estimate, no adjustment; not a rating, not an audited statement and not a supervisory judgement.
← Back to the catalogue