Fixing up homes
Purchases made up 47.3% of its loans and refinances 18.2%, all conventional. Manufactured homes were 9.1%, against 2.7% at similar lenders, state non-member banks making between half and twice as many loans.
Applications / Mortgage Analytics / Lenders / Minnesota / Farmers & Merchants State Bank
Farmers & Merchants State Bank
Pierz, MN · State non-member bank · FDIC · $342 million assets · 55 loans in 2025
Farmers & Merchants State Bank's data, $215Buy the data, $2,110Get Jenner, the SAS-compatible software
55
loans originated, 2025
70
applications, 2025
1
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Farmers & Merchants State Bank, a Minnesota bank, makes 25.5% of its loans for home improvement, and its loans are smaller than at most similar banks.
Smaller loans
Its typical loan, $115,000, was lower than at about four in five similar lenders, where it was $165,000. Home-improvement loans and manufactured homes, which tend to be smaller, may account for much of that difference.
St. Cloud and beyond
In St. Cloud it ranked 79 of 243 lenders with 0.2% of the market. In non-metro Minnesota it ranked 130 of 536. It has lent in both since 1996.
Flat volume
It made 55 loans in both 2024 and 2025, while similar lenders grew 7%. It filed no reports for 2020 to 2022; since it began reporting again it has made between 46 and 55 loans a year.
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
55 loans in 2025, against a peak of 68 in 2018.
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Years with no HMDA report from this lender are left out: since 2020 a bank making fewer than 100 closed-end loans a year need not report. Farmers & Merchants State Bank took 70 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
47.3% of its 2025 loans were purchase loans; all were conventional loans.
Purchase 47.3% · Home improvement 25.5% · Refinance 18.2% · Other 9.1%
Conventional 100.0% · of 55 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
1 state, 2 metros, 11 counties
| State | Loans | Share |
|---|---|---|
| Minnesota | 55 | 100.0% |
Largest metro areas, 2025
Loans originated
| Metro area | Loans |
|---|---|
| St. Cloud | 10 |
| Minneapolis-St. Paul-Bloomington | 4 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 25490085TUTOSF6Q7Y94 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 728957 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 310165 | 1996–2017 |
Established 1 January 1908. Reported under HMDA 1996-2025.
Mergers, name changes, data editions and corrections: Farmers & Merchants State Bank's data.
The data and the software behind these pages
Farmers & Merchants State Bank's data
$215
Farmers & Merchants State 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.
Buy Farmers & Merchants State Bank'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]