CARMEL,
Ind., Nov. 26, 2024 /PRNewswire/ -- Merchants
Bancorp ("Merchants") (Nasdaq: MBIN), parent company and registered
bank holding company of Merchants Bank of Indiana ("Merchants Bank"), today announced
that on January 2, 2025 it will
redeem all outstanding shares of its 6.00% (reset to 9.42% as of
October 1, 2024) Fixed-to-Floating
Rate Series B Non-Cumulative Perpetual Preferred Stock ("Series B
Preferred Stock") (Nasdaq: MBINO) at the liquidation preference of
$25.00 per share.
Dividends on the Series B Preferred Stock of $0.59 per share that were declared and announced
on November 20, 2024 will be paid
separately on January 2, 2025.
Accordingly, the redemption price of the Series B Preferred Stock
will not include any accrued and unpaid dividends. On and after the
redemption date, all dividends on the shares of Series B Preferred
Stock will cease to accrue. Merchants will redeem the Series B
Preferred Stock using cash on hand.
Merchants has notified Nasdaq of its intention to voluntarily
delist the Series B 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 January 2, 2025, from which time the Series B
Preferred Stock will no longer be traded on Nasdaq.
Merchants has received all necessary regulatory approvals to
redeem the Series B Preferred Stock. Payment of the redemption
price for the Series B Preferred Stock will be sent to holders by
the Merchants' transfer agent, Computershare Trust Company, N.A.,
on the redemption date.
Merchants also announced that its Board of Directors declared an
initial quarterly cash dividend of $7.84 per share (equivalent to $0.196 per depositary share) on the Company's
outstanding shares of its 7.625% Series E preferred stock (NASDAQ:
MBINL) that was issued on November
25, 2024. The dividends will be provided to
shareholders of record on December 13,
2024, payable on January 2,
2025.
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 $18.7 billion in assets and $12.9 billion in deposits as of September 30, 2024, 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.
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SOURCE Merchants Bancorp
