What is Merchants State Bank's financial health grade?

Merchants State Bank has a TFS Financial Health Grade of C (score: 75.8/100). This grade is based on capital adequacy, asset quality, earnings, and consumer protection metrics.

How many branches does Merchants State Bank have?

Merchants State Bank has 4 branch locations across the United States.

Is Merchants State Bank FDIC insured?

Yes, Merchants State Bank is FDIC insured (Certificate #1125).

What are the total assets of Merchants State Bank?

Merchants State Bank has total assets of $221.5M as reported in its most recent FDIC filing.

Merchants State Bank

BankFreeman, South Dakota

www.msb-sd.com

Total Assets

$221.5M

Total Deposits

$180.7M

Branches

Established

1899

TFS Health Grade

75.8 / 100

Average financial health

How we grade

Merchants State Bank is a bank headquartered in Freeman, South Dakota, established in 1899. With $221.5M in total assets and 4 branch locations, it has a TFS Financial Health Grade of C (75.8/100).

Capital & Safety

Tier 1 Capital Ratio

16.68%(8%)

Total Capital Ratio

0.00%(10%)

Non-Performing Loan Ratio

0.33%

Profitability

Return on Assets (ROA)

1.74%(1%)

Return on Equity (ROE)

12.21%(10%)

Net Interest Margin

4.31%

Efficiency Ratio

55.94%(60%)

Lending & Liquidity

Total Loans

$149.1M

Loan-to-Deposit Ratio

82.01%

Net Charge-Off Ratio

0.04%

Growth

Asset Growth (YoY)

+5.80%

Deposit Growth (YoY)

+5.25%

Net Income

$3.7M

Data sourced from FDIC BankFind Suite / NCUA Call Reports as of 2025-Q4. This data is provided by the federal government and is believed to be accurate, but TheFinanceSection.com cannot guarantee its completeness or timeliness.

Branch	Address	City	State	Type
Merchants State BankHQ	305 S Main St	Freeman	SD	11
Merchants State Bank	606 Center Ave	Hurley	SD	11
Merchants State Bank	209 Main Street	Irene	SD	11
Merchants State Bank	201 N Main St	Viborg	SD	11

Data sourced from FDIC BankFind Suite. This data is provided by the federal government and is believed to be accurate, but TheFinanceSection.com cannot guarantee its completeness or timeliness.