Applications / Mortgage Analytics / Lenders / Indiana / Merchants Bank of Indiana
Carmel, IN · State non-member bank · FDIC · $19.4 billion assets · 1,014 loans in 2025
Merchants Bank of Indiana's data, $215Buy the data, $2,110Get Jenner, the SAS-compatible software
1,014
loans originated, 2025
1,383
applications, 2025
34
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Merchants Bank of Indiana lends far beyond Indiana, across 34 states, with dollar volume many times that of similar banks and a large trade in buying loans; in 2025 it entered Albany, Buffalo and Macon.
It made 1,014 loans worth $2.17 billion, the highest dollar volume among similar lenders (state non-member banks making between half and twice as many loans), whose typical figure was $246.6 million. Its typical loan, $355,000, is well above peers' $195,000 but cannot explain that gap alone, which may point to some very large loans. 8.7% of its loans were jumbo (larger than the conforming limit), against 2.2%.
It bought 529 loans in 2025, up from 301 a year earlier, where the typical peer bought none: more than almost all similar lenders.
Originations fell 7% while similar lenders' typical change was a rise of 10%, lower than more than eight in ten of them. Yet it entered three markets in 2025: in Albany-Schenectady-Troy it already ranks 23 of 265 lenders with a 1.1% share, and it took 0.5% in Macon-Bibb County and 0.3% in Buffalo-Cheektowaga. The fall may partly reflect a shift toward buying loans, which rose from 301 to 529.
Its loans reached 116 metros and 237 counties. 14.3% were in majority-minority neighbourhoods, against 7.1% at peers. It turned down 10.1% of first-lien refinance applications on owner-occupied homes, against 15.3%.
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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted.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 of Indiana took 1,383 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 68.0% · Refinance 31.5% · Home improvement 0.5%
Conventional 94.8% · FHA 2.8% · VA 2.0% · USDA (RHS or FSA) 0.5% · of 1,014 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 |
|---|---|---|
| Indiana | 369 | 36.4% |
| Massachusetts | 146 | 14.4% |
| Ohio | 100 | 9.9% |
| Illinois | 93 | 9.2% |
| Missouri | 82 | 8.1% |
| Louisiana | 49 | 4.8% |
| Florida | 23 | 2.3% |
| Texas | 13 | 1.3% |
| California | 10 | 1.0% |
| Colorado | 10 | 1.0% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Indianapolis-Carmel-Greenwood | 298 |
| Boston | 123 |
| St. Louis | 87 |
| Chicago-Naperville-Schaumburg | 64 |
| Canton-Massillon | 26 |
| Columbus | 19 |
| Cincinnati | 16 |
| Dayton-Kettering-Beavercreek | 15 |
| Lake Charles | 14 |
| Monroe | 13 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300WRDGBHKR1BXL98 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 963945 | 2010–2023 |
| Respondent ID (the HMDA filer code before 2018) | 38056 | 2010–2017 |
Established 23 June 1923. Reported under HMDA 2010-2025.
Mergers, name changes, data editions and corrections: Merchants Bank of Indiana's data.
Merchants Bank of Indiana's data
$215
Merchants Bank of Indiana 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.
Buy Merchants Bank of Indiana's data, $215Jenner Mortgage Analytics: all the data
$2,110
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.
Buy the data, $2,110Jenner, the SAS-compatible software
See prices
Jenner runs programs written in the SAS language. It drew every chart on these pages and fitted the fair-lending model, PROC GLIMMIX on 3.5 million applications. Run the programs that come with the data, or your own.
Get JennerQuestions, or the data and Jenner together: [email protected]