, /PRNewswire/ — Merchants Bancorp (“Merchants”) (Nasdaq: MBIN), a holding company that operates through its wholly owned subsidiary, Merchants Bank of Indiana (“Merchants Bank”), announced the pricing of an underwritten public offering of 9,200,000 depositary shares, each representing a 1/40th ownership interest in a share of its 7.625% Fixed Rate Series E Non-Cumulative Perpetual Preferred Stock (the “Series E preferred stock”), with a liquidation preference of $25.00 per depositary share.
When, as, and if declared by the board of directors of Merchants, dividends will be payable on the Series E preferred stock from the date of issuance at a rate of 7.625% per annum, payable quarterly in arrears, on January 1, April 1, July 1, October 1 of each year, beginning January 1, 2025. Merchants may redeem the Series E preferred stock at its option at a redemption price equal to $25.00per depositary share, as described in the prospectus supplement …