The Farmers & Merchants State Bank in Indiana vs the state
11.6%Denial rate-4.93 pts vs state
13.0%Decision denial rate-7.18 pts vs state
77.6%Origination rate+15.30 pts vs state
7.50%Median rate+0.75 pts vs state
0.34Rate spread (pts)-0.03 pts vs state
$60kMedian applicant income
373Loans originated
56Denied
Trend in Indiana
| Year | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| 2023 | 455 | 368 | 12.8% | 7.38% | #104 |
| 2024 | 457 | 352 | 12.7% | 8.00% | #115 |
| 2025 | 481 | 373 | 11.6% | 7.50% | #118 |
What The Farmers & Merchants State Bank lends in Indiana
By loan purpose
By loan type
Why it denied Indiana applicants
Where in Indiana
Counties with the most The Farmers & Merchants State Bank applications in 2025.
| County | Applications | Originated | Denied | Denial rate |
|---|---|---|---|---|
| Adams County | 242 | 198 | 22 | 9.1% |
| Wells County | 38 | 28 | 3 | 7.9% |
| Allen County | 33 | 24 | 3 | 9.1% |
| Jay County | 33 | 21 | 6 | 18.2% |
| Steuben County | 33 | 26 | 5 | 15.2% |
| DeKalb County | 25 | 21 | 3 | 12.0% |
| Wayne County | 12 | 10 | 2 | 16.7% |
| Henry County | 8 | 3 | 4 | 50.0% |
| Randolph County | 7 | 4 | 1 | 14.3% |
| Elkhart County | 6 | 5 | 1 | 16.7% |
Other large lenders in Indiana
| Lender | Grade | Applications | Denial rate | Median rate |
|---|---|---|---|---|
| Rocket Mortgage | C | 13,503 | 18.6% | 6.75% |
| Ruoff Mortgage Company | A | 8,860 | 4.0% | 6.75% |
| Fifth Third Bank | D | 8,693 | 27.6% | 7.75% |
| United Shore Financial Services | B | 8,659 | 12.2% | 6.38% |
| Freedom Mortgage | B | 5,454 | 8.9% | 6.25% |
| Newrez | D | 5,421 | 18.2% | 6.63% |
| First Merchants Bank | C | 5,114 | 19.9% | 6.76% |
| Fairway Independent Mortgage | B | 4,813 | 7.4% | 6.75% |
| Mortgage Research Center | C | 4,791 | 19.0% | 6.25% |
| PNC Bank | D | 4,724 | 25.1% | 7.55% |
Frequently asked questions
Indiana: 481 applications in 2025, of which 373 were originated and 56 denied.
11.6% of all applications, or 13.0% of the applications it actually decided on. The Indiana statewide average across all lenders was 16.6%.
The median rate on loans The Farmers & Merchants State Bank originated in Indiana in 2025 was 7.50%, against a statewide median of 6.75%.
About this data. Figures are The Farmers & Merchants State Bank's own HMDA filing for properties located in Indiana, 2025. The grade is national; state-level figures are shown for context and are not separately graded. Methodology