Merchants Bank of Indiana is headquartered in CARMEL and is the 2nd largest bank in the state of Indiana. It is also the 102nd largest bank in the nation. It was established in 1923 and as of December of 2024, it had grown to 661 employees at 7 locations. Merchants Bank of Indiana's money market rates are 10X the national average, and it has a B+ health rating.
You Silly People...Do Your Homework..Know Your Products
I had a large flex cd that I was getting 5.92 APY that expired last week. I had it for fours and it did very well in a rate raising environment. Instead of renewing it to another Flex CD that I know the interest rate will be cut thanks to the FED this week...I chose to go with the 1 year 5.25 APY Fixed rate CD that Merchants has. This way I know I will be in the 5% area for the next year. If the fed cuts 50 basis points in the next few months (which they probably will) I am ahead of the game. In a raising rare environment the Flex CD was super great. In a lowering rate time it is not so good as the lowest you can go is 0%...there is no floor. Dont for get the rate is tied to 2.75% under PRIME. Good Luck!
Outstanding!
I opened.a CD online. It was by far the easiest online experience I’ve ever experienced. The opening process was very efficient and made it a breeze to open the CD. I did speak to a representative to confirm the rate before I applied and they answered immediately and were very polite. It doesn’t get any better than this!
FLEXIBLE RATE Cds MUST COME WITH A FLOOR
If Merchant's Flexible Rate CD Should COME WITH A FLOOR.Account Users
YOU HATE TRUTH.WHY??
Flexible Rate CD Can Decline In APY During CD's Term
I spoke to a rep at this bank today. It was very easy to contact them and they were polite. I found out that flexible rate ('Flex-Index') CDs can decline in rates as well as rise during the CD's term. So long-term CDs of this nature are probably not good idea.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 8056 |
| Year Established | 1923 |
| Employees | 661 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.81% |
| Return on Equity - YTD | 17.54% |
| Annual Interest Income | $1.3B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $18.62B$16.64B |
| Loans | Q4 2024vs Q4 2023 | $14.55B$13.2B |
| Deposits | Q4 2024vs Q4 2023 | $11.98B$13.87B |
| Equity Capital | Q4 2024vs Q4 2023 | $2.07B$1.65B |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $84.4MM$71.2MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $272.7MM$81.5MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $8.2MM$112K |