Merchants Bancorp Announces Redemption of Series B Preferred Stock and Declares Quarterly Dividend on Series E Preferred Shares

Merchants Bancorp, a registered bank holding company of Merchants Bank of Indiana, made significant announcements in their recent filing with the Securities and Exchange Commission (SEC).

On November 26, 2024, the company disclosed plans to redeem all outstanding shares of its 6.00% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (Series B Preferred Stock) at a redemption price of $25.00 per share on January 2, 2025. The redemption will be in cash at the liquidation preference without any accrued and unpaid dividends, ceasing all future dividends on the shares.

Concurrently, Merchants Bancorp’s Board of Directors has approved an initial quarterly cash dividend of $7.84 per share (equal to $0.196 per depositary share) on the Company’s 7.625% Fixed Rate Series E Non-Cumulative Perpetual Preferred Stock (Series E Preferred Stock) issued on November 25, 2024. The declared dividends are scheduled for payment on January 2, 2025, to shareholders of record as of December 13, 2024.

Merchants Bancorp also anticipates delisting the Series B Preferred Stock from the NASDAQ exchange voluntarily, with the delisting expected to become effective around the redemption date of January 2, 2025. The company has secured all necessary regulatory approvals for the redemption of the Series B Preferred Stock, with payment to be disbursed to shareholders by the company’s transfer agent, Computershare Trust Company, N.A.

For more information on Merchants Bancorp and its diverse operations, including multi-family mortgage banking, mortgage warehousing, and traditional community banking, investors can explore the company’s offerings on their Investor Relations page.

For Media and Investor Relations inquiries, please reach out to Rebecca Marsh at [email protected] and Tami Durle at [email protected], respectively.

The content of this release is based on the filing made by Merchants Bancorp with the SEC on November 26, 2024, and all details are as per the official disclosure.

This news article summarizes the key points outlined in the filing made by Merchants Bancorp.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Merchants Bancorp’s 8K filing here.

About Merchants Bancorp

Merchants Bancorp operates as the diversified bank holding company in the United States. It operates through three segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family Mortgage Banking segment engages in the mortgage banking, which originates and services government sponsored mortgages, including bridge financing products to refinance, acquire, or reposition multi-family housing projects, and construction lending for multi-family and healthcare facilities.