# MERCHANTS BANK
SOUTH BURLINGTON, VT · FDIC certificate 6268 · asset band $1-10B · latest filing 2017-03 · stopped filing (departed)

**Verdict on the desk:** this could be *funding-stretched*. Composite score 3 (one point per flag, capital below 5% counted twice; 7 or more is where departures cluster).

## What the filing shows (filed dollars, derived ratios; band percentiles in parentheses)

| Measure | Value | Band median |
|---|---|---|
| Total assets | $2.03B | |
| Deposits | $1.51B | |
| Loans and leases | $1.54B | |
| Total equity | $175.0M | |
| Loans / deposits | 101.05% (p84 of band) | 87.83% |
| Liquid assets / assets | 21.12% (p47 of band) | |
| Uninsured deposits / deposits | 12.58% (p16 of band) | 25.51% |
| Brokered deposits | 2.92% | |
| Wholesale funding | 19.09% (p82 of band) | |
| FHLB advances / assets | 3.87% | |
| Tier 1 leverage | 8.41% (p13 of band) | 9.88% |
| Unrealized securities loss / equity | -0.45% (p51 of band) | -0.51% |
| AOCI / equity | 0.07% (p30 of band) | |
| ROA (annualized) | 0.80% (p31 of band) | 0.97% |
| Net interest margin | 2.96% (p17 of band) | 3.44% |
| Efficiency ratio | 65.55% (p58 of band) | |
| Noncurrent loans | 0.27% (p22 of band) | 0.56% |
| Net charge-offs (annualized) | 0.01% (p42 of band) | |
| Reserve coverage of noncurrent | 313.08% | |
| Real estate % of loans | 74% | |
| Construction % of loans | 20.56% (p24 of band) | |
| Auto loans | $4.1M (0.27% of loans; DQ 2.44%, NCO 0.00%) | |
| Loans to nondepository financials | $865,000 (0% of equity) (p77 of band) | |
| Deposits YoY | -0.9% | |
| Employees | 278 | |

## Flags firing in the latest filing

- **loans exceed deposits** (`liq_ltd`)
- **wholesale funding >15%** (`liq_wholesale`)
- **capital falling** (`cap_falling`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2011-03 | 1 | wholesale funding >15% |  |
| 2011-06 | 0 |  | wholesale funding >15% |
| 2011-09 | 1 | wholesale funding >15% |  |
| 2011-12 | 1 |  |  |
| 2012-03 | 2 | capital falling |  |
| 2012-06 | 0 |  | wholesale funding >15%, capital falling |
| 2012-09 | 1 | wholesale funding >15% |  |
| 2012-12 | 1 |  |  |
| 2013-03 | 1 |  |  |
| 2013-06 | 0 |  | wholesale funding >15% |
| 2013-09 | 1 | wholesale funding >15% |  |
| 2013-12 | 1 |  |  |
| 2014-03 | 0 |  | wholesale funding >15% |
| 2014-06 | 0 |  |  |
| 2014-09 | 0 |  |  |
| 2014-12 | 1 | wholesale funding >15% |  |
| 2015-03 | 1 |  |  |
| 2015-06 | 0 |  | wholesale funding >15% |
| 2015-09 | 1 | wholesale funding >15% |  |
| 2015-12 | 2 | capital falling |  |
| 2016-03 | 2 |  |  |
| 2016-06 | 1 |  | capital falling |
| 2016-09 | 1 |  |  |
| 2016-12 | 1 |  |  |
| 2017-03 | 3 | loans exceed deposits, capital falling |  |

## In the news (Google News, unfiltered, newest first; check the city)

- 2017-05-12 ['Last real bank' Merchants to become Community Bank on Monday - Vermont Business Magazine](https://news.google.com/rss/articles/CBMimAFBVV95cUxNQnRrZ0tjdTFpTFZWUG9OOHI0ZC1iWU1vRnZLMUpaR213ekc5cnQtekZwbllzeS00TkFIZm5VdUNLLTN3b2JfMjd5TE5Wel9PRm11aVB3SUtoSXZWOTMxLUZnSDJxTF9iQUF4V3h3eTZ6bVhjUFlTTDBseE12REV0N0otdHNydTRwcm5mVUkxdFBmMERGSF9pbg?oc=5) · Vermont Business Magazine
- 2016-10-28 [Merchants Bank merges with Community Bank System, ending an era - vtdigger.org](https://news.google.com/rss/articles/CBMikAFBVV95cUxOSlRPN1NWcmJkQzhwbW1BbFc4NmlhWG5pVWF1cFZIWEk4UVRMRms2UnhaZkl1SFZRZ1hKbUNmU19VN1lDMUFSSVlZZnpoNVZCd3dGUC16RUhSQUZEX2s2blZGanBhdWNlSGdPbFFqUFZDTkZSNWRLeWlVLVBRRTB4NEdYU2ctUGpIOENSTnBZNWw?oc=5) · vtdigger.org
- 2016-10-26 [Merchants Bank Sale Highlights Change And Challenges In Vermont Banking - Vermont Public](https://news.google.com/rss/articles/CBMivgFBVV95cUxOOGtjOTYzYXptX1dxbmMxbEZ6dVBGN2g0YWxXVWdFSDNzemVSQk8yZ0QxVGtINE4yU2VrRkxKT2s2N1hjWTk3TmRmZWlWQlJXU3dqQldSVHl2ZmMyQzJveTZVOHBpT19yeTdvY05uajNKdlFVOE8tQXVGMTZPNTVCWEtLajRKYUJNczY5QUEydXpwNzY2OTd5Tml1T1VJR1d0SWhUVHJmMndWS2JxRklweUZtTzlyOHcxNVNnRkF3?oc=5) · Vermont Public
- 2016-10-24 [Community Bank System to buy Merchants Bank - burlingtonfreepress.com](https://news.google.com/rss/articles/CBMirgFBVV95cUxOakFJdlJkb3Bydnp6STl5SlphanBsV1pVSUhhZlVfYmVrUW1MclMweW90bXNzMVNOc2JlRDlTUFBwVnJIcHV4TGdzaXBuQk81aDV4YXRpN2hHUjhSYzZpVHd3WnI5cklXX1I3U1F6aTltcGcyVEZFd0xDZm1FTGZGMEhYVHltVldQWm1qajIydDdXQUhaWkstTnRVbkdsOW5NM1lNQnVodDdVUWVNU1E?oc=5) · burlingtonfreepress.com
- 2018-07-31 [Merchants Bank to be bought in $304M deal - WPTZ](https://news.google.com/rss/articles/CBMijgFBVV95cUxPTU1aYmhaem9CN05uU29EdE1vczJQSzctOWtTRkV5T0pkREVyME4yQkd4enRCREFRZ2tDdWc4N2pvZ2tIZk5UQ1pTRk5NYmtCM1o0UUtTZmNwQTJEMmVFQU4weFpMQ1hGQ3NTSVpta0haWHlaS3hneG90bmtCZVVqSksxNDQzd1p3dHdlMFJn?oc=5) · WPTZ
- 2017-03-13 [Merchants Bank laying off 76 at headquarters - vtdigger.org](https://news.google.com/rss/articles/CBMigwFBVV95cUxPUzY1V0NwT3ZKMkRMM0NWMDhlUVlrcXlyUURDWUFpbHZXV0lWME43LTVGTi1jWmstZ2tna0loSVpjMEx5b0hnRlRHNGVIVVk5bkNaWG5DbXJ5VmNIcU1NN09WRVJwa1NMbmhfdmN0eG1XVDZpYnczNnhqRHlsMFl3MEdDaw?oc=5) · vtdigger.org
- 2018-04-20 [Merchants Bank announces two new appointments to the commercial banking team - Vermont Business Magazine](https://news.google.com/rss/articles/CBMipwFBVV95cUxOTUJiOGhiLTVMR0xqemMwcWJ5SXFYZjJuNlFfaVBlX3ZvNExFNlZRRm5pZnZfREp0TzZjV0FoQmtwcjlCSWpDaGlqZlVMajVEVFk5MEtyaU1HQk02OTJ3dk5oeGZZLWpXRnl5S3ZfRkh1Tk92aWVqVXlGbzQ3Mjc5UUJOZVlZVVBfb29MOFhkNHNsSWZSNVJOREV1UlM2SnhJSjZ0RllVcw?oc=5) · Vermont Business Magazine
- 2014-10-03 [Merchants Bank window to the past - burlingtonfreepress.com](https://news.google.com/rss/articles/CBMiogFBVV95cUxPUDc4aEhIcWRBTThjYVB5RFlzT1ZBVjM2c3dhTGp0cmtKLTFCSWJVeXg0cFdYcGotZTdCaVlQak8yRVVCNkczMG9GWTAtUHlzV0Z2aE9oR01tNGFHR2VfSXlxWWt1VFdCcWZfaEFPdzZvLTgtenpmd0ZpN0ZreFoyY1Y5cGd1Yk9kVFIxTDNWREVvNldfclpzeHVHeEtZTm1KNlE?oc=5) · burlingtonfreepress.com

## How to verify

- Page: https://getbookiq.com/bank-desk/#bank=6268 (click any number for its formula and FFIEC field codes)
- Latest row, JSON: https://getbookiq.com/bank-desk/data/summary.json · history: https://getbookiq.com/bank-desk/data/h/60.json (key "6268", columns cycle, ASSET, DEP, LNLSGR, EQTOT, ltd, liquid_pct, unins_pct, lev, aoci_pct_eq, sec_loss_eq, roa, nim, eff, nc_pct, nco_pct, LNAUTO, auto_dq, auto_nco, LNNDEPD, ndfi_eq, wholesale_pct, dep_yoy, score, flags)
- Field definitions: https://getbookiq.com/dictionary/#bank-LNNDEPD and the rest of the bank dictionary
- Source: FDIC call report via BankFind, dollars in thousands as filed. Departed means stopped filing, which is usually a merger; FAILED is the FDIC's own list.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide