Applications / Mortgage Analytics / Lenders / Wisconsin / Farmers & Merchants State Bank
Waterloo, WI · State non-member bank · FDIC · $241 million assets · 74 loans in 2025
Farmers & Merchants State Bank's data, $215Buy the data, $2,110Get Jenner, the SAS-compatible software
74
loans originated, 2025
87
applications, 2025
1
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Farmers & Merchants State Bank, a Madison-area purchase lender, makes bigger loans than most similar banks, and in 2025 it lent to more low- and moderate-income borrowers than about nine in ten of them.
Home purchases made up 75.7% of its 74 loans, and every loan was conventional. Its typical loan was $260,000, against $172,500 at similar lenders (state non-member banks making between half and twice as many loans). That is larger than at about four in five of them.
Borrowers with low and moderate incomes (LMI borrowers) took 43.1% of its loans, up from 19.2% in 2024 and well above the 27.2% at similar lenders. Poorer neighborhoods (LMI areas) took only 8.3%, against 18.5%. Its 17 counties in Wisconsin may simply hold few such neighborhoods.
Madison is its largest market, and it has lent there since at least 1990. It ranked 58 of 380, and its share slipped from 0.4% to 0.3%. Its lending fell from $31.6 million to $29.4 million while the whole market grew 10%, which may account for the change. Summit Credit Union and UW Credit Union led there.
Its loan count rose 7%, to 74, near the middle of similar lenders, which grew 9%. That is a fraction of the 537 loans it made in 2020 and the 267 of 2021. It made 71 in 2023 and 69 in 2024. How those loans divide among its 7 metros and rural Wisconsin is not yet clear.
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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Farmers & Merchants State Bank took 87 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 75.7% · Refinance 21.6% · Home improvement 1.4% · Other 1.4%
Conventional 100.0% · of 74 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 |
|---|---|---|
| Wisconsin | 74 | 100.0% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Madison | 32 |
| Milwaukee-Waukesha | 4 |
| Janesville-Beloit | 2 |
| Fond du Lac | 1 |
| Green Bay | 1 |
| Kenosha | 1 |
| La Crosse-Onalaska | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 5493006S21NZTF9Y1L04 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 79145 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 313242 | 1990–2017 |
Established 1 January 1897. Reported under HMDA 1990-2025.
Mergers, name changes, data editions and corrections: Farmers & Merchants State Bank's data.
Farmers & Merchants State Bank's data
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