CARMEL,
Ind., Feb. 28, 2024 /PRNewswire/ --
Merchants Bancorp ("Merchants") (Nasdaq: MBIN) today announced
that on April 1, 2024 it will redeem
all outstanding shares of its 7.00% Fixed-to-Floating Rate Series A
Non-Cumulative Perpetual Preferred Stock ("Series A Preferred
Stock") (Nasdaq: MBINP) at the liquidation preference of
$25.00 per share.
Dividends on the Series A Preferred Stock of $0.4375 per share that were declared and
announced on February 14, 2024 will
be paid separately on April 1, 2024.
Accordingly, the redemption price of the Series A Preferred Stock
will not include any accrued and unpaid dividends. On and after the
redemption date, all dividends on the shares of Series A Preferred
Stock will cease to accrue. Merchants will redeem the Series A
Preferred Stock using cash on hand.
Merchants has notified Nasdaq of its intention to voluntarily
delist the Series A Preferred Stock and a Notification of Removal
from Listing on Form 25 will be filed with Securities and Exchange
Commission on or prior to the redemption date. Merchants expects
the delisting to become effective on or about April 1, 2024, from which time the Series A
Preferred Stock will no longer be traded on Nasdaq.
Merchants has received all necessary regulatory approvals to
redeem the Series A Preferred Stock. Payment of the redemption
price for the Series A Preferred Stock will be sent to holders by
the Merchants' transfer agent, Computershare Trust Company, N.A.,
on the redemption date.
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 segments, including Multi-family
Mortgage Banking that offers multi-family housing and healthcare
facility financing and servicing; Mortgage Warehousing that offers
mortgage warehouse financing; and Banking that offers retail and
correspondent residential mortgage banking, agricultural lending,
and traditional community banking. Merchants Bancorp, with
$17.0 billion in assets and
$14.1 billion in deposits as of
December 31, 2023, conducts its
business primarily through its direct and indirect subsidiaries,
Merchants Bank of Indiana,
Merchants Capital Corp., Merchants Capital Investments, LLC,
Merchants Capital Servicing, LLC, Merchants Asset Management, 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.
Forward-Looking Statements
This press release contains forward-looking statements which
reflect management's current views with respect to, among other
things, future events and financial performance. These statements
are often, but not always, made through the use of words or phrases
such as "may," "might," "should," "could," "predict," "potential,"
"believe," "expect," "continue," "will," "anticipate," "seek,"
"estimate," "intend," "plan," "projection," "goal," "target,"
"outlook," "aim," "would," "annualized" and "outlook," or the
negative version of those words or other comparable words or
phrases of a future or forward-looking nature. These
forward-looking statements are not historical facts, and are based
on current expectations, estimates and projections about the
industry, management's beliefs and certain assumptions made by
management, many of which, by their nature, are inherently
uncertain and beyond our control. Accordingly, management cautions
that any such forward-looking statements are not guarantees of
future performance and are subject to risks, assumptions, estimates
and uncertainties that are difficult to predict. Although Merchants
believes that the expectations reflected in these forward-looking
statements are reasonable as of the date made, actual results may
prove to be materially different from the results expressed or
implied by the forward-looking statements. A number of important
factors could cause actual results to differ materially from those
indicated in these forward-looking statements, including the
impacts of factors identified in "Risk Factors" or "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in Merchants' Annual Report on Form 10-K and other
periodic filings with the Securities and Exchange Commission. Any
forward-looking statements presented herein are made only as of the
date of this press release, and Merchants does not undertake any
obligation to update or revise any forward-looking statements to
reflect changes in assumptions, the occurrence of unanticipated
events, or otherwise.
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SOURCE Merchants Bancorp