Merchants Bank of Indiana


410 Monon Blvd
Carmel, IN 46032
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 5.02% →
1-Year CD N.A. 5.25% →
2-Year CD N.A. 5.10% →
5-Year CD N.A. 4.50% →
30-Year Mortgage N.A. 0.00% →
15-Year Mortgage N.A. 0.00% →
HELOC N.A. 0.99% →

2023 Overview

General Bank Information

Merchants Bank of Indiana is an FDIC insured institution located in Carmel, IN. It was founded in 1923 and has approximately $10.82 billion in assets. Customers can open an account at one of its 5 branches.

FDIC Insured Yes
FDIC Certificate # 8056
Date Established 1923
Assets $ 10.82 billion
Loans $ 9.69 billion
Deposits $ 10.17 billion
Capital $ 1,326.67 million

For a more detailed analysis of Merchants Bank of Indiana's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - March 31, 2023

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
Money Market
4.50% $50 - Learn More


Loan Rates - March 31, 2023

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for Merchants Bank of Indiana

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:

Featured - Virginia 30 Year Fixed Mortgage Rates 2023

Lender APR Rate (%) Monthly
Learn More
Quicken Loans NMLS #3030
NMLS ID: 3030
6.896% 6.750%
1.00 points
$3,750 fees
$1,622 Learn More
NMLS ID: Not lender

Learn More
AmeriSave Mortgage Corporation
NMLS ID: 1168

Learn More

Featured - Virginia Home Equity Line Of Credit Rates 2023

Lender APR (%)? Monthly Payment? Learn More
Bethpage Federal Credit Union
Bethpage Federal Credit Union
See Table
Intro APR 7.490 %
After Intro: 8.500 %
Intro Period: 12 months
$25,000 Learn More
More Info
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
6.990 %
$0 Learn More
More Info

Note to Merchants Bank of Indiana
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Financial Details

Merchants Bank of Indiana Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Merchants Bank of Indiana. The data is provided by the FDIC. All banks listed on are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Merchants Bank of Indiana U.S. Bank Average
1.92% 8.03%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of September 30, 2022, Merchants Bank of Indiana had $26,176,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $1,326,666,000 in equity and $38,219,000 in loans loss reserves. That gives it a Texas Ratio of 1.92%.

Return on Equity
Merchants Bank of Indiana U.S. Bank Average
18.19% 10.00%

Merchants Bank of Indiana has a Return on Equity of 18.19% versus the BestCashCow average of 10.00%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Merchants Bank of Indiana U.S. Bank Average
12.26% 9.96%

Merchants Bank of Indiana has a Capitalization of 12.26% versus the BestCashCow average of 9.96. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Merchants Bank of Indiana Balance Sheet Analysis

As of September 30, 2022, Merchants Bank of Indiana had assets of $10,824,412,000, loans of $9,693,159,000, and deposits of $10,166,197,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

September 30, 2022
Cash & Balances due from depository institutions $ 319.15 million
Interest-bearing balances $ 307.17 million
Total securities $ 1,317.59 million
Federal funds sold and reverse repurchase $ 3.50 million
Net loans and leases $ 9.69 billion
Loan loss allowance $ 38.22 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 153.47 million
All other assets $ 147.26 million
     Total Assets $ 10.39 billion
Total deposits $ 10.17 billion
      Interest-bearing deposits $ 9.83 billion
      Deposits held in domestic offices $ 10.17 billion
      % insured (estimated) 72.58%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 1,420.75 million
Subordinated debt N.A.
All other liabilities $ 107.08 million
      Total Liabilities $ 10.39 billion
      Shareholders’ Equity $ 438.34 million

Summary Income Statement

September 30, 2022
Total Interest Income $ 291.89 million
Total Interest Expense $ 71.93 million
Net interest income $ 219.96 million
Provision for loan and lease losses $ 11.11 million
Total non interest income $ 99.90 million
Total non interest expense $ 94.39 million
Pre-tax Net Operating Income $ 137.57 million

Bank Loan Profile?

The top three loan types in Merchants Bank of Indiana’s loan portfolio are Multifamily Mortgages, Commercial Real Estate, and 1-4 Family Residential Loans.

Compared to other banks in Indiana, Merchants Bank of Indiana has a significantly higher percent of Multifamily Mortgages on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 8.98
Credit Card Loans 0.00
Consumer Auto Loans 0.00
Small Business Loans 0.29
Construction and Development Loans 8.08
Commercial Real Estate 16.49
Commercial and Industrial Loans 6.89
Farm Loans 0.20

Customer Reviews for Merchants Bank of Indiana

  • December 12, 2022 |

    Developed buyers remorse after they stopped raising the rate and switched to Brilliant.

  • August 3, 2022 |

    No ACH processing, what is this the 1960's? No customer service team, just one person.

  • August 3, 2022 |

    Excellent bank. Marie is the "Nu Accounts" Coordinator and she is fantastic. She even wrote us a handwritten Thank You note after the account was opened. On the financial side, Merchants rates have adjusted competitively and immediately upon Fed rate hikes. I love working with this bank. (Yes, its true you cannot do EFT outbound, but the first order of checks are free or in our case we ordered High Security Checks from a 3rd party vendor unrelated to the bank).

  • July 29, 2022 |

    Same here, if you apply 3 times your out, the worst experince in 20 years, good luck folks!

  • July 29, 2022 |

    When applying I keep getting Application Denied, these folks are not ready for prime time. One person handles online banking bless her heart, she is getting overwhelmed...........

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