Merchants Bancorp prices 9.2 million depositary share preferred stock offering
On November 18, 2024, Merchants Bancorp agreed with a group of underwriters to sell 9.2 million depositary shares, each representing a 1/40th interest in its 7.625% Series E non-cumulative perpetual preferred stock, with a $25 liquidation value per depositary share. The company expects to use the net proceeds to redeem its Series B preferred stock and for general corporate purposes, including supporting balance sheet growth at Merchants Bank, with closing expected November 25, 2024.
Key points
- 9,200,000 depositary shares offered, each with a $25 liquidation value and a 1/40th interest in a Series E preferred share
- Dividends at 7.625% per annum, payable quarterly when declared by the board, starting January 1, 2025
- Offering expected to close on or about November 25, 2024; proceeds to redeem Series B preferred stock and for general corporate purposes
The filing
Written by AI on Nov 8, 2026, 6:56 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 20, 2024.
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