CARMEL,
Ind., Sept. 27, 2022 /PRNewswire/ -- Merchants
Bancorp ("Merchants") (NASDAQ: MBIN), parent company of Merchants
Bank of Indiana, today announced
the closing of its previously announced underwritten public
offering of 5,200,000 depositary shares, each representing a 1/40th
interest in a share of its 8.25% Fixed Rate Reset Series D
Non-Cumulative Perpetual Preferred Stock (the "Series D preferred
stock"), with a liquidation preference of $25.00 per depositary share. In addition, the
underwriters were granted, but have not yet exercised, a 30-day
option to purchase 780,000 additional depositary shares of the
Series D preferred stock, solely to cover over-allotments, if any.
As a result of the public offering, Merchants received proceeds of
approximately $125.3 million, net of
estimated expenses and underwriting discounts and commissions.
Piper Sandler & Co., Morgan
Stanley & Co. LLC and UBS Securities LLC acted as joint book
runners.
A shelf registration statement, including a prospectus, with
respect to the offering was previously filed by Merchants with the
Securities and Exchange Commission (the "SEC") and was declared
effective by the SEC on August 17,
2022. A prospectus supplement relating to the offering has
been filed with the SEC. The offering has been made by means of a
prospectus supplement and accompanying prospectus. Copies of the
prospectus supplement and the accompanying prospectus relating to
these securities may be obtained free of charge by visiting the
SEC's website at www.sec.gov, or may be obtained from Piper Sandler & Co., 1251 Avenue of the
Americas, 6th Floor, New York,
NY 10020, Attn: Syndicate Operations, Telephone:
1-866-805-4128, Morgan Stanley & Co. LLC, 180 Varick Street,
Second Floor, New York, NY 10014,
Attn: Prospectus Delivery, Telephone: 1-866-718-1649, or UBS
Securities LLC, 1285 Avenue of the Americas, New York, NY 10019, Attn: Prospectus
Department, Telephone number: 1-888-827-7275.
About Merchants Bancorp
Ranked as a top performing U.S. public bank by S&P Global
Market Intelligence, Merchants Bancorp is a diversified bank
holding company headquartered in Carmel,
Indiana operating multiple lines of business, including
multi-family housing and healthcare facility financing and
servicing; mortgage warehouse financing; retail and correspondent
residential mortgage banking; agricultural lending; and traditional
community banking. Merchants Bancorp, with $11.1 billion in assets and $8.3 billion in deposits as of June 30, 2022, conducts its business primarily
through its direct and indirect subsidiaries, Merchants Bank of
Indiana, Merchants Capital Corp.,
Merchants Asset Management, LLC, Merchants Capital Investments,
LLC, Farmers-Merchants Bank of Illinois, Merchants Capital Servicing, LLC,
and Merchants Mortgage, a division of Merchants Bank of
Indiana. For more information and
financial data, please visit Merchants' Investor Relations page
at investors.merchantsbancorp.com.
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SOURCE Merchants Bancorp