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Merchants State Bank Locations & Branches Freeman, South Dakota
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Merchants State Bank operates 4 branches from its headquarters in Freeman, SD, .
Merchants State Bank branch network
All 4 branches are in SOUTH DAKOTA, across 4 cities. Its largest office by deposits is its main office in Freeman, SD, with $94.1M (52.1% of its branch deposits). It had the same number of branches on June 30, 2025.
Merchants State Bank at a glance
It reports no CET1 ratio; its Tier 1 leverage ratio was 17.26% at Q2 2026, above the 9% community bank leverage ratio requirement for being considered well capitalized.
- Total assets, Q2 2026
- $219.6M
- Tier 1 leverage ratio, Q2 2026
- 17.26%
- Deposit insurance
- FDIC
- Regulator
- Federal Reserve
- Established
- 1899
Full financial profile · Is Merchants State Bank safe? · Routing number
Deposit market share
Share of all FDIC-insured deposits held in each area, from the June 30, 2026 Summary of Deposits. Rank 1 is the largest holder. Shares are by bank charter, not by holding company.
| Area | Rank | Deposit share | Deposits |
|---|---|---|---|
| City: Freeman, SD (1 branch) | 1 of 3 | 48.7% | $94.1M |
| State: SD (4 branches) | 41 of 82 | <0.1% | $180.7M |
Ranked by total assets among banks headquartered in the state: Largest banks in South Dakota.
Share by county and metro area
Merchants State Bank's share of FDIC-insured deposits in the counties and metro areas where it has branches, from the June 30, 2026 Summary of Deposits. Up to the ten largest of each are shown, by the bank's deposits. Rank 1 is the largest holder. Banks only: credit unions are not in the Summary of Deposits.
Counties
| County | Rank | Deposit share | Deposits | County total |
|---|---|---|---|---|
| Hutchinson, SD (1 branch) | 2 of 7 | 18.7% | $94.1M | $502.9M |
| Turner, SD (2 branches) | 3 of 5 | 22.5% | $74.2M | $329.1M |
| Clay, SD (1 branch) | 7 of 7 | 2.9% | $12.5M | $426.3M |
Metro areas
| Metro area | Rank | Deposit share | Deposits | Metro total |
|---|---|---|---|---|
| Sioux Falls, SD (2 branches) | 27 of 39 | <0.1% | $74.2M | $1.13T |
| Vermillion, SD (1 branch) | 7 of 7 | 2.9% | $12.5M | $426.3M |
| Branch | Location | ZIP | Deposits |
|---|---|---|---|
| Merchants State Bank (main office) | Freeman, SD | 57029 | $94.1M |
| Viborg Office Branch | Viborg, SD | 57070 | $42.4M |
| Hurley Branch | Hurley, SD | 57036 | $31.8M |
| Irene Branch | Irene, SD | 57037 | $12.5M |
Source: FDIC Summary of Deposits, June 30, 2026. How the survey works.
Regulator records: FDIC BankFind (cert 1125) · FFIEC NIC profile (RSSD 289757)