Bank · FDIC insured
Merchants State Bank
A $219.6M bank headquartered in Freeman, SD, with 4 branches in South Dakota. Best rates: CDs 4.00% and savings 1.30% APY.
Merchants State Bank Carrot Score
84
Carrot Score
Higher than 65% of U.S. banks and credit unions
#6 of 18 in Sioux Falls, SD-MN metroHow the score works →
Deposits are federally insured by the FDIC up to $250,000 per depositor.
About Merchants State Bank
- Headquarters
- 305 S Main St, Freeman, SD 57029
- FDIC certificate
- 1125 ↗
Branches
4 branches in South Dakota
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South Dakota
4 branches
Sioux Falls area · 2
- Hurley Branch606 Center Ave, Hurley, SD 57036Directions
- Viborg Office Branch201 N Main St, Viborg, SD 57070Directions
Freeman area · 1
- Merchants State BankMain office305 S Main St, Freeman, SD 57029Directions
Vermillion area · 1
- Irene Branch209 Main Street, Irene, SD 57037Directions
Walk-in offices from the FDIC directory as of September 4, 2026. Directions open Google Maps. A nearby branch doesn’t mean you can join or open an account.
Financial details
| Measure | This bank | Peers’ middle | Strongest quarter |
|---|---|---|---|
| CapitalLeverage ratio | 17.26% | 10.98% | 13.00% or more |
| Troubled loansNoncurrent | 0.32% | 0.42% | 0.09% or less |
| ProfitabilityReturn on assets | 1.90% | 1.24% | 1.68% or more |
| LendingLoans per $100 deposited | $82 | $81 | — |
- CapitalLeverage ratio17.26%Peers’ middle 10.98% · Top 25% 13.00%+
- Troubled loansNoncurrent0.32%Peers’ middle 0.42% · Top 25% ≤0.09%
- ProfitabilityReturn on assets1.90%Peers’ middle 1.24% · Top 25% 1.68%+
- LendingLoans per $100 deposited$82Peers’ middle $81
Compared with the 2,650 banks with $100 million to $1 billion in assets. The strongest quarter is what the best 25% of them reach: more capital and profit, fewer troubled loans. Lending has no better end.Troubled loans are noncurrent: 90 or more days late, or no longer earning interest.
Regulators’ own ratings of Merchants State Bank are confidential. These figures are what it reports to the FDIC each quarter, set beside its peers; they aren’t a rating.