Carmel, Ind.-based Merchants Bancorp started an underwritten public offering of shares of its fixed-to-floating rate series A noncumulative perpetual preferred stock, with a liquidation preference of $25 per share.

The company expects to use net proceeds from the offering for general corporate purposes, including supporting balance sheet growth of unit Merchants Bank of Indiana and potential future acquisitions.

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