Reviewed by 65JimmyJay | December 12, 2022 |
Developed buyers remorse after they stopped raising the rate and switched to Brilliant.
2024 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 $18.18 billion in assets. Customers can open an account at one of its 5 branches.
| FDIC Insured | Yes |
| FDIC Certificate | # 8056 |
| Date Established | 1923 |
| Assets | $ 18.18 billion |
| Loans | $ 14.63 billion |
| Deposits | $ 14.97 billion |
| Capital | $ 1,882.05 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 - October 11, 2024
Your Current Location: Virginia, VA 20146
Loan Rates - October 11, 2024
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 2024
| Lender | APR | Rate (%) | Monthly Payment |
Learn More |
|---|---|---|---|---|
NMLS ID: 2559614 License#: MC-7844 |
6.111% |
6.000% 0.88 points $3,884 fees |
$1,919 | Learn More |
NMLS ID: 401822 |
6.541% |
6.375% 0.75 points $5,600 fees |
$1,997 | Learn More |
NMLS ID: 1025894 |
6.588% |
6.490% 0.75 points $3,276 fees |
$2,021 | Learn More |
NMLS ID: 3030 |
6.847% |
6.750% 1.00 points $3,200 fees |
$2,076 | Learn More |
Featured - Virginia Home Equity Line Of Credit Rates 2024
| Lender | APR (%)? | Monthly Payment? | Learn More |
|---|---|---|---|
Third Federal Savings and Loan See Table |
Intro APR
7.490 %
After Intro: 7.490 % |
$0 |
Learn More
More Info |
Note to Merchants Bank of Indiana
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Branches
Merchants Bank of Indiana branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Ashburn,Virginia
Merchants Bank of Indiana Locations around zip code 20146
| Branch | Distance | Map | View Lobby Hours |
|---|---|---|---|
| 396.50 | A | View Lobby Hours | |
| 400.84 | B | View Lobby Hours | |
| 460.49 | C | View Lobby Hours | |
| 463.57 | D | View Lobby Hours | |
| 463.79 | E | View Lobby Hours | |
| 724.83 | F | View Lobby Hours | |
| 730.75 | G | View Lobby Hours |
Climate Policy and Initiatives
Merchants Bank of Indiana is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.
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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 BestCashCow.com 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 |
|---|---|
| 7.31% | 4.48% |
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 June 30, 2024, Merchants Bank of Indiana had $143,453,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $1,882,049,000 in equity and $81,028,000 in loans loss reserves. That gives it a Texas Ratio of 7.31%.
Return on Equity
| Merchants Bank of Indiana | U.S. Bank Average |
|---|---|
| 18.8% | 10.46% |
Merchants Bank of Indiana has a Return on Equity of 18.8% versus the BestCashCow average of 10.46%. 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.
Capitalization
| Merchants Bank of Indiana | U.S. Bank Average |
|---|---|
| 10.35% | 10.84% |
Merchants Bank of Indiana has a Capitalization of 10.35% versus the BestCashCow average of 10.84. 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 June 30, 2024, Merchants Bank of Indiana had assets of $18,184,645,000, loans of $14,626,282,000, and deposits of $14,966,530,000. 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
June 30, 2024| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 540.88 million |
| Interest-bearing balances | $ 530.64 million |
| Total securities | $ 1,625.36 million |
| Federal funds sold and reverse repurchase | $ 3.30 million |
| Net loans and leases | $ 14.63 billion |
| Loan loss allowance | $ 81.03 million |
| Trading account assets | $ 682.77 million |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | N.A. |
| Goodwill and other intangibles | $ 186.88 million |
| All other assets | $ 147.26 million |
| Total Assets | $ 16.30 billion |
| LIABILITIES | |
|---|---|
| Total deposits | $ 14.97 billion |
| Interest-bearing deposits | $ 14.53 billion |
| Deposits held in domestic offices | $ 14.97 billion |
| % insured (estimated) | 84.50% |
| 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 | $ 16.30 billion |
| Shareholders’ Equity | $ 1,882.05 million |
Summary Income Statement
June 30, 2024| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 642.19 million |
| Total Interest Expense | $ 381.89 million |
| Net interest income | $ 260.30 million |
| Provision for loan and lease losses | $ 15.35 million |
| Total non interest income | $ 69.21 million |
| Total non interest expense | $ 97.50 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.
| % Loans |
% Comparison to Other Banks |
|||
|---|---|---|---|---|
| Low | Med | High | ||
| 1-4 Family Residential Loans | 5.95 | ✓ | ||
| Multifamily Mortgages |
21.27 | ✓ | ||
| Credit Card Loans | 0.00 | ✓ | ||
| Consumer Auto Loans | 0.00 | ✓ | ||
| Small Business Loans | 0.21 | ✓ | ||
| Construction and Development Loans | 5.35 | ✓ | ||
| Commercial Real Estate | 10.93 | ✓ | ||
| Commercial and Industrial Loans | 4.57 | ✓ | ||
| Farm Loans | 0.13 | ✓ | ||
Customer Reviews for Merchants Bank of Indiana
65JimmyJay
December 12, 2022 |
Developed buyers remorse after they stopped raising the rate and switched to Brilliant.
Is this review helpful? Yes:0 / No: 2
JulieB
August 3, 2022 |
No ACH processing, what is this the 1960's? No customer service team, just one person.
Is this review helpful? Yes:2 / No: 0
BorninRichmond
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).
Is this review helpful? Yes:3 / No: 0
Frank
July 29, 2022 |
Same here, if you apply 3 times your out, the worst experince in 20 years, good luck folks!
Is this review helpful? Yes:3 / No: 0
uga
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...........
Is this review helpful? Yes:2 / No: 0
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