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Indiana-based Merchants Bancorp prices preferred stock offering

Merchants Bancorp priced an underwritten public offering of 2 million shares of its 7.00% fixed-to-floating rate series A noncumulative perpetual preferred stock, with a liquidation preference of $25.00 per share.

The Carmel, Ind.-based company granted the underwriters a 30-day option to buy 300,000 additional preferred shares.

Merchants Bancorp may redeem the preferred stock at a redemption price equal to $25.00 per share, subject to regulatory approval, on or after April 1, 2024.

Net proceeds from the offering are expected to be used for general corporate purposes, which include supporting the balance sheet growth of unit Merchants Bank of Indiana and potential selective future acquisitions.

Sandler O'Neill & Partners LP is serving as sole underwriter for the offering.