Applications / Mortgage Analytics / Lenders / Minnesota / Merchants Bank
Winona, MN · National bank · OCC · $2.9 billion assets · 1,537 loans in 2025
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1,537
loans originated, 2025
1,800
applications, 2025
14
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Merchants Bank is a Minnesota bank that ranks among the top five lenders in non-metro Minnesota and in Rochester, where its share rose to 3.9%, and a third of its loans went to LMI (low- and moderate-income) borrowers.
It ranked 5 of 536 in non-metro Minnesota, where it has lent since 1994, and 4 of 276 in Rochester, MN, where its share rose 0.2 points to 3.9%, behind United Wholesale Mortgage, Think Mutual Bank and Alerus Financial. It was third of 213 in La Crosse-Onalaska, behind Altra Federal Credit Union and Servion.
LMI borrowers took 33.6% of its loans, higher than about four in five similar lenders (national banks making between half and twice as many loans), whose share was 26.9%. LMI areas took 8.2%, among the lowest twentieth of peers (14.5%), and majority-minority areas 0.7%, against 10.6%. One possible reason is where it lends: its largest markets are non-metro Minnesota and smaller metros such as Rochester and La Crosse.
Home purchases were 55.2% of its loans. Its higher-priced share (a rate well above the average for similar loans) was 0.1%, against 1.2% at peers, and its typical rate of 6.28% was lower than the peers' 6.50%. Denial rates were also lower: 4.0% on home-purchase applications against 5.6%, and 12.9% on refinances against 16.2%.
Originations rose 4% to 1,537, against 10% at similar lenders and for the whole market, lower growth than about seven in ten peers.
Questions the data can answer next
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Merchants Bank took 1,800 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 55.2% · Refinance 25.8% · Home improvement 10.5% · Other 8.5%
Conventional 97.9% · FHA 1.4% · VA 0.7% · USDA (RHS or FSA) 0.1% · of 1,537 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Minnesota | 1,238 | 80.5% |
| Wisconsin | 229 | 14.9% |
| North Dakota | 32 | 2.1% |
| South Dakota | 11 | 0.7% |
| Iowa | 8 | 0.5% |
| Colorado | 4 | 0.3% |
| Florida | 4 | 0.3% |
| Nebraska | 3 | 0.2% |
| Illinois | 2 | 0.1% |
| Montana | 2 | 0.1% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Minneapolis-St. Paul-Bloomington | 280 |
| Rochester | 212 |
| La Crosse-Onalaska | 147 |
| Eau Claire | 20 |
| Grand Forks | 14 |
| Duluth | 9 |
| St. Cloud | 7 |
| Madison | 5 |
| Denver-Aurora-Centennial | 4 |
| Mankato | 4 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300OZIFHR7THILC90 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 779351 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 114488 | 2000–2017 |
Established 1 January 1875. Reported under HMDA 2000-2025.
Mergers, name changes, data editions and corrections: Merchants Bank's data.
Merchants Bank's data
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Merchants Bank and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
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Every mortgage application reported under HMDA from 1990 to 2025, cleaned and corrected, every lender followed across name changes and mergers, with the market-share and fair-lending tables behind these pages and the Jenner programs that built them: the warehouse and the datamart, as Parquet files.
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