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Merchants Bank of Indiana

Indiana bank offering multifamily financing

Multifamily Underwriting Intern

Summer 2027Updated on 10/23/2026
No salary listed
Internship
Bloomington, MN, USA
In Person
Finance & BankingRetail & Commercial Banking

About the job

Requirements
  • Have completed at least the sophomore year of college; graduates are also welcome to apply.
  • Have a high school diploma or GED from an accredited institution.
  • Demonstrate teamwork, communication, critical thinking, integrity, self-discipline, and adaptability.
Responsibilities
  • Underwrite components of multifamily and/or healthcare loans originated by Merchants Capital according to bank guidelines.
  • Provide underwriting narrative input and applicable forms and exhibits to the Loan Committee in a timely manner.
  • Analyze and review third-party reports, including Phase I Environmental, appraisal, and property condition reports.
  • Review borrower-provided organizational documents, financial statements, and real estate owned schedules.
  • Collaborate with underwriters and the loan processor to confirm the adequacy of due diligence for the loan file.
  • Communicate outstanding due diligence issues to the processor or borrower when preparing the approval narrative, forms, and exhibits.
  • Use Microsoft Excel extensively in financial models related to underwriting and transaction flow of funds.
  • Collaborate with the closing team to ensure due diligence is obtained and verified.
  • Review loan documents to ensure the transaction is clear to close.
  • Attend training on applicable subjects when available and appropriate for the position.
  • Apply coursework to projects and implement solutions or recommendations.
  • Deliver a final presentation of project results and make business recommendations to the department, team members, and company leadership.

About the company

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Merchants Bank of Indiana

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Merchants Bank of Indiana provides personal and business banking, mortgage services, and specialized housing-finance through its subsidiary Merchants Capital in Indiana. Customers use deposits to earn competitive rates and access accounts via online or mobile banking, while loans and lines of credit fund individuals and projects, including housing developments. The bank differentiates itself by combining traditional community banking with targeted housing-finance expertise and a nationwide ATM network, all while focusing on Indiana. Its goal is to help people, small businesses, and real estate developers access tailored banking and housing-finance solutions to support community growth in Indiana.

Company Size

201-500

Company Stage

IPO

Headquarters

Carmel, Indiana

Founded

2009

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Simplify's Take

What believers are saying

  • July 28, 2026 earnings hit $78.3 million; assets reached $21.2 billion.
  • June 2026 credit-default swap protected a $169.9 million multifamily pool and capital.
  • April 2026 FDIC and IDFI MOU ended, removing a regulatory overhang.

What critics are saying

  • July 2026 class-action claims MBIN hid brokered-deposit declines and rising funding costs.
  • August 19, 2026 Craik litigation tests Indiana mortgage-foreclosure and guaranty recovery rights.
  • Concentration in multifamily and affordable housing turns a property downturn existential fast.

What makes Merchants Bank of Indiana unique

  • Merchants Capital raised $3 billion equity across 31 states by July 2026.
  • Merchants pairs multifamily lending with LIHTC syndication and agency lending scale.
  • October 2026 Vantaca integration deepens HOA banking workflows and sticky operating deposits.

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Benefits

  • Professional Development Budget

Growth & Insights and Company News

6 month growth

0%

1 year growth

0%

2 year growth

1%
Learfield
Oct 15th, 2026
Indiana Athletics expands partnership with Merchants Bank through first-ever integrated jersey patch program.

Indiana Athletics expands partnership with Merchants Bank through first-ever integrated jersey patch program. Oct 15, 2026 BLOOMINGTON, Ind. (Oct. 15, 2026) - Indiana Athletics and Learfield today announced an expansion of its comprehensive partnership with Merchants Bank, naming the Indiana-based financial institution the official jersey patch partner of all 24 varsity sports programs. The five-year agreement further strengthens a relationship that currently includes field naming rights with on-field branding at Merchants Bank Field at Memorial Stadium. The Merchants Bank jersey patch will debut on October 17 when Indiana Football hosts Ohio State in Merchants Bank Field at Memorial Stadium's first-ever match-up pitting two top-five ranked teams. Under the agreement, Merchants Bank branding will appear on uniforms across Indiana Athletics' 24 varsity sports programs, as well as on coaches' apparel, including that worn by football head coach Curt Cignetti, men's basketball head coach Darian DeVries, women's basketball head coach Teri Moren, and other Indiana coaches. The partnership also includes expanded exposure through in-venue assets, digital platforms, and social media channels across the athletics department. "Merchants Bank has already established an incredible legacy with us, anchored by their proud presence at Memorial Stadium," said IU Vice President and Director of Intercollegiate Athletics Scott Dolson. "Expanding this partnership to make them our official jersey patch partner across all 24 of our varsity programs is a groundbreaking milestone. This agreement not only highlights our shared commitment to excellence and innovation, but it also reflects the profound impact of partnering with an Indiana-based industry leader as we continue competing at the absolute highest level." The announcement comes during a period of unprecedented success and national visibility for Indiana Athletics. As the reigning national champion in football with annual prominence in basketball and Olympic sports, Indiana remains one of the most recognizable brands in college athletics. "As an Indiana University graduate, this partnership is especially meaningful to me and to all of us at Merchants Bank," said Michael Petrie, Chairman of Merchants Bank. "Indiana Athletics represents pride, tradition, and excellence across college sports. We are honored to deepen our relationship with the Hoosiers and support student-athletes, coaches and fans through a partnership that celebrates our shared commitment to the state we all call home." This comprehensive agreement is among the most extensive in collegiate athletics, providing Merchants Bank visibility across every varsity program while creating a consistent brand presence throughout the Hoosier athletics experience. Additionally, Merchants Bank will continue to provide IU student-athletes with comprehensive financial education training programs and support. "Merchants Bank and Indiana Athletics are a perfect fit," said Chris Sanders, SVP of Learfield Sports Properties. "Both organizations are deeply connected to Indiana, value community impact, and are dedicated to achieving excellence. Expanding this partnership to include jersey patches creates year-round visibility for Merchants Bank while aligning them with one of the most respected and successful athletics departments in the country." About Indiana Athletics Indiana University Athletics is home to 24 varsity intercollegiate athletic programs and more than 650 student-athletes. Steeped in a rich tradition of academic and athletic excellence in Bloomington, IU athletic programs have combined to win 26 national team championships, with the most recent being the 2025 College Football Playoff title. Additionally, IU's programs have combined to win 193 Big Ten team championships, and IU's student-athletes have captured 176 individual NCAA titles as well as 61 Olympic gold medals. To learn more about Indiana University Athletics, visit IUHoosiers.com or follow IU Hoosiers on Facebook, X and Instagram. About Merchants Bank Ranked as a top-performing bank in the U.S by American Banker/Capital Performance Group, Merchants Bank focuses on delivering innovative banking and lending solutions across multiple segments, including retail and correspondent residential mortgage banking, multifamily financing, business and agricultural lending, mortgage warehouse financing, and traditional banking services. Headquartered in Indiana, Merchants Bank serves customers nationwide through its banking centers, regional production offices, and digital banking platform. Driven by a culture of execution, teamwork, and service, the company is committed to building long-term relationships and delivering meaningful value to the communities it serves. To learn more about Merchants Bank, visit www.bankmerchants.com or find Merchants Bank on Facebook, LinkedIn, X, and Instagram. About Learfield Learfield is the leading media and technology company powering college athletics. Through its digital and physical platforms, Learfield owns and leverages a deep data set and relationships in the industry to drive revenue, growth, brand awareness, and fan engagement for brands, sports, and entertainment properties. With ties to over 1,200 collegiate institutions and over 12,000 local and national brand partners, Learfield's presence in college sports and live events delivers influence and maximizes reach to target audiences. With solutions for a 365-day, 24/7 fan experience, Learfield enables schools and brands to connect with fans through licensed merchandise, game ticketing, donor identification for athletic programs, exclusive custom content, innovative revenue generation solutions, student-athlete marketing initiatives, and advanced digital platforms. Since 2008, it has served as title sponsor for the acclaimed Learfield Directors' Cup, supporting athletic departments across all divisions.

Building Indiana
Sep 27th, 2026
Merchants Bank partners with Vantaca to elevate Community Association Banking Services.

Merchants Bank partners with Vantaca to elevate Community Association Banking Services. Posted Sunday, September 27, 2026 7:00 am News Release Merchants Bank announced it has teamed up with Vantaca, an AI-first technology company purpose-built for community association management, to elevate its customers' Community Association Banking experience. Through Vantaca's industry-leading, connected platform, Merchants Bank is able to use custom system integration to directly connect with homeowners associations (HOAs) and property management clients. This streamlines collaboration and communication with the bank as clients manage association funds from across communities. The HOA and property management market is thriving throughout the United States with the Foundation for Community Association Research estimating that there are currently between 374,000 to 377,000 active community associations. This number, which grows with each passing year, reaffirms the added pressures and responsibilities that property managers and HOA leaders face daily. "As community associations continue to grow in size and complexity, the need for seamless connectivity between management companies and financial institutions has never been greater," said Peter Bailey, VP, Banking Strategy & Financial Services, Vantaca. "Our partnership with Merchants Bank reflects a shared commitment to delivering a modern banking experience that enhances efficiency, strengthens financial oversight, and supports the long-term success of the communities our customers serve. Most importantly, it helps management companies simplify day-to-day financial operations so they can spend less time on administrative tasks and more time delivering exceptional service to boards and homeowners." Merchants Bank offers leading deposit rates paired with a multi-bank sweep solution. This includes access to FDIC insurance coverage up to $130 million while maintaining the simplicity of a single Merchants Bank relationship. With competitive deposit solutions and a dedicated team, property managers are better positioned to operate efficiently while maximizing liquidity, security, and the return potential of association funds. "We understand the challenges that burden HOAs and property managers when it comes to their finances," said Gavin Nelson, Community Association Banking Lead at Merchants Bank. "As a trusted partner, we tailor our innovative solutions to meet the needs of both single- and multi-property operations. Teaming up with Vantaca has been that next step in ensuring we're seamlessly meeting our clients in real time." The Community Association Banking team, which boasts an average 20 years of experience, is a sponsor of Vantaca Vision 2026 and will be in attendance November 2-5 to meet with prospective clients.

Building Indiana Business
Jul 29th, 2026
Merchants Bank appoints Stephanie Cunningham as Senior Vice President, Chief Compliance Officer.

Merchants Bank appoints Stephanie Cunningham as Senior Vice President, Chief Compliance Officer. Stephanie Cunningham Posted Wednesday, July 29, 2026 7:00 am News Release Merchants Bank announced the appointment of Stephanie Cunningham as Senior Vice President, Chief Compliance Officer. Cunningham, who will be based out of the bank's Carmel headquarters, succeeds Carol Gassen, who has retired after a distinguished career with Merchants Bank. In this position, Cunningham will lead the bank's enterprise-wide compliance program, overseeing regulatory compliance and community reinvestment across the organization's banking and mortgage sectors. She will also serve as an advisor to Merchants Bank's CEO and Board of Directors while fostering open communication and collaboration across departments to strengthen the organization's Compliance Management System and support effective compliance governance. "Stephanie's extensive experience, combined with her collaborative leadership style, makes her an outstanding fit for this role," said Merchants Bank's President and CEO Mike Dunlap. "She has demonstrated exceptional judgement and integrity that perfectly aligns with our mission. We're thrilled to welcome her to the Merchants Bank team and are confident she will help strengthen our company." With more than 20 years of experience in the banking industry, Cunningham has fine-tuned her understanding of compliance and risk management. Prior to joining Merchants, she held multiple leadership roles at Centra Credit Union, including senior vice president of risk management, vice president of risk management, and director of compliance. Earlier in her career, Cunningham served in a variety of capacities at Ameriana Bank, where she built a strong foundation in compliance, retail banking operations, and risk management. "I am honored to join Merchants Bank and look forward to working alongside such a talented team," said Cunningham. "My priority lies with evolving and strengthening the compliance program, which will go on to support the bank's long-term growth and our commitment to helping individuals, businesses, and communities thrive." Cunningham attended Ball State University, where she earned a bachelor's degree with a focus in consumer finance and computer science. She is also a Certified Risk Management Professional, Certified BSA Professional, Certified Compliance Officer, and has an Enterprise Risk Management Certificate. Other items that may interest you

Hamilton County Television
Feb 11th, 2026
Merchants Bank: no jerks allowed

Merchants Bank: no jerks allowed. February 11, 2026 In a world increasingly fueled by frustration and annoyance, one local bank with a national reach is promoting hometown Hoosier values both inside the business and in the community at large. Merchants Bank takes Hoosier values so seriously, neither employees nor customers are allowed to be consistently rude, hard to deal with, disrespectful, or, well, un-Hoosier. The Reporter spoke with President and CEO Mike Dunlap about the culture at Merchants Bank and how it is helping the nice guys finish first. "Our number one rule is you cannot be a jerk and work here," Dunlap told The Reporter. "We tell that to people when we interview them that we expect you to be a nice person and do your best. And if you're not going to do that, then you're not going to fit here. We really try to be careful about the people we hire, then our people know that we're only bringing in people that we really feel will be a good fit." That culture of Hoosier respect and hospitality extends to the customer base. "We expect our customers to treat our people with respect," Dunlap said. "They're not allowed to treat our people inappropriately, or we would tell the customer to please go somewhere else. People see us doing that, and they say, 'Yes, this is a place I really like to work.'" Merchants Bank has won best place to work awards from various state and national surveys for several years in a row. Dunlap said employees feel like the company is looking out for them and they know they are safe, secure, trusted, and respected. "That pays us back because we've created that culture, and that's really the key to our success. And we found that same thing when we work with IU," Dunlap said. "We had been working with IU awhile, and they wanted us to sponsor their football field. We started talking about that awhile ago, and we agreed on a deal in August. We really did not know what this was going to turn into. But it's just been a great partnership where we were able to create a banking relationship. There was a real connection between our organizations, and it was a wonderful culture fit. We felt like both companies were really run with what I would call Hoosier values." Agreeing to be the named sponsor of the Indiana University football field last August was a decision with serendipitous timing. "We were proud to sponsor them, and then they go on to have this amazing season, perfect record national championship, giving us national exposure," Dunlap said. "It's just done wonders for our business, and we really helped them too. With the way they played, this really is a win-win relationship." While Merchants Bank has a national presence in the banking world, all six of their brick-and-mortar locations are in Indiana. Two are in Carmel. One is in Indianapolis, right across the street from Carmel. The other three are in the Richmond area. "We're not a branch-heavy bank," Dunlap said. "We take the money we save from having all those branches - all those costs - and we put that into the interest rate we pay on our money market accounts and certificates of deposit. The consumer can benefit from a higher rate than a traditional bank can pay because we don't have all those costs. But yet, we provide all the technology for them with online and mobile banking. You can do all your banking but still get a great rate. So we're a little different business model than traditional banks." Merchants Bank, like many other companies with a heart for service, offers incentives for employees to volunteer time to community projects. In this case, they do so through the MPACT program, with a primary focus on housing, health care, and education. "MPACT stands for Merchants' employees Positively Advancing Communities Together," Dunlap said. "It is a way for our employees to dedicate their time and resources to causes that are important to them in all our local markets, not just central Indiana. But I can tell you, we had over 1,200 community service hours locally here, where our people will go out and they do things for the community. What we do to motivate them to do that is we'll give them up to two days off or two days of service. So if they go out and serve, we'll give them an extra vacation day because we want to emphasize how important it is that we go out and positively affect our communities. If they did two days, they would get two vacation days." Dunlap told The Reporter it all comes down to Hoosier values. "We're really a family-owned business that has grown to a great size, and the number one reason that people like to work at Merchants is because of our culture," Dunlap said. "Our founders set forth a culture of trust, respect, teamwork, inclusion, customer service, and 'let's take great care of our employees, and then they'll take great care of us.' And that has really worked for us because there are other companies that don't look at it that way. We do everything we can to make sure our employees feel supported, trusted, respected, and they are very appreciative of that. So then they go out, and they really want to do well for the company. It just works really well for us." It is a simple idea that has led to employee and customer loyalty. "We don't have the turnover that other companies have," Dunlap said. "We just feel like you're at work with people for as long as you are, so we really need to build a place where people enjoy coming to work, and we do that."

Coleman Report
Jun 5th, 2025
Movers & Shakers - Mathewson, Von Woglom, Arana

Carmel, Indiana-based Merchants Bank has hired Jay Arana as a Senior Business Development Officer in the SBA Lending division.