Merchants State Bank
Freeman, SD · Owner: H & W Holding Co
$220M
total assets, June 30, 2026
$220M
total assets, June 30, 2026
Merchants State Bank is a state member bank based in Freeman, SD, owned by H & W Holding Co. As of June 30, 2026 it held $219.6 million in assets and $180.7 million in deposits; assets were up 2.3% from a year before. It has 4 branches.
Updated Oct 11, 2026 · numbers as of June 30, 2026
Total assets
$220M
+2.3% in a year · +0.9% in a quarter
Deposits
$181M
+4.0% in a year · +2.4% in a quarter
Loans
$148M
+4.7% in a year · 0.0% in a quarter
Profit so far
$2.1M
Jan 1 to Jun 30, 2026 · +3.8% in a year
Capital ratio
17.26%
+0.87 pts in a year
Return on assets
1.90%
+0.02 pts in a year
Facts
- Type
- State member bank
- Head office
- 305 S Main St, Freeman, SD, 57029
- County
- Hutchinson
- Holding company
- H & W Holding Co
- Established
- Aug 8, 1899
- Employees
- 30
- Branches
- 4
- Website
- www.msb-sd.com
- Id
- b1125
Quarter by quarter
March 31, 1984 to June 30, 2026
Assets, deposits and loans
Each quarter end, US dollars
Profit by quarter
Net income of each quarter, the last 12
Ratios
Percent. Return on assets and net interest margin are yearly rates.
Branches
4 offices as of June 30, 2026, holding $180.7 million in deposits
Branch map
Every branch, sized by its deposits
| State | Branches | Deposits | Share |
|---|---|---|---|
| South Dakota | 4 | $181M | 100.0% |
| Largest branches | Place | Deposits |
|---|---|---|
| Merchants State Bank (main office) | Freeman, SD | $94.1M |
| Viborg Office Branch | Viborg, SD | $42.4M |
| Hurley Branch | Hurley, SD | $31.8M |
| Irene Branch | Irene, SD | $12.5M |
Related pages
Questions and answers
How big is Merchants State Bank?
$219.6 million in total assets and $180.7 million in deposits as of June 30, 2026, with assets up 2.3% from a year before. Its loans were $147.5 million.
How many branches does Merchants State Bank have?
4 branches in South Dakota as of June 30, 2026.
Is Merchants State Bank profitable?
Yes: it earned $2.09 million from January 1 to June 30, 2026 (up 3.8% from the same months a year before). Its return on assets was 1.90% a year; about 1% is typical.
Who owns Merchants State Bank?
Merchants State Bank is owned by H & W Holding Co, its holding company.
Official public data from the reports every insured bank files each quarter. Profit so far runs from January 1 to the quarter end. Branch deposits are counted once a year, as of June 30. New quarters appear about two months after the quarter ends.