Applications / Mortgage Analytics / Lenders / Iowa / Farmers & Merchants State Bank
Winterset, IA · State non-member bank · FDIC · $268 million assets · 63 loans in 2025
Farmers & Merchants State Bank's data, $215Buy the data, $2,110Get Jenner, the SAS-compatible software
63
loans originated, 2025
68
applications, 2025
1
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Farmers & Merchants State Bank, a small lender near Des Moines, makes about as many loans each year as the last, split evenly between home purchases and refinances.
Purchases and refinances each took 41.3% of its loans; home improvement took 9.5%. All were conventional. Its typical loan was $125,000, smaller than at most similar lenders (state non-member banks making between half and twice as many loans), where it was $165,000.
It made 63 loans, against 64 in 2024 and 65 in 2023. Similar lenders grew 9%. It filed no HMDA report for 2020 to 2022; those are gaps in the record, not years without lending.
Borrowers with low and moderate incomes (LMI borrowers) took 28.3% of its loans, and poorer neighborhoods (LMI areas) 17.5%. Both sit near the middle of similar lenders and below its 2024 shares of 40.4% and 31.2%. With 63 loans, a handful can move these shares a lot. None went to majority-minority areas, against 6.7% at similar lenders; its 10 counties in Iowa may hold few such areas.
In Des Moines-West Des Moines, where it has lent since 1991, it ranked 88 of 396 with 0.2% of the market, the same as in 2024. GreenState Credit Union and Veridian Credit Union led there. How its lending splits between the city and its rural Iowa counties is an open question.
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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. 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 68 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 41.3% · Refinance 41.3% · Home improvement 9.5% · Other 7.9%
Conventional 100.0% · of 63 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 |
|---|---|---|
| Iowa | 63 | 100.0% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Des Moines-West Des Moines | 52 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300DUVDQ4UATCVD64 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 145741 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 315610 | 1990–2017 |
Established 11 August 1938. 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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