Merchants Bancorp
Close on Oct 19, 2026
- Market cap
- $2.19B
- P/E (TTM)
- 9.6
- Dividend yield
- 0.84%
About Merchants Bancorp
State Commercial Banks, SIC 6022
Merchants Bancorp operates as a bank holding company delivering mortgage and commercial banking services. The firm runs three primary segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. Through these units, it provides financing, servicing, and tax credit syndication for affordable housing and healthcare facilities, warehouse lending for mortgage originators, and single-family, agricultural, and small business loans. Its clientele includes affordable housing developers, healthcare operators, mortgage bankers, institutional investors, agricultural producers, small enterprises, and retail depositors.
The company conducts business on both a national scale and through local community operations. Its banking subsidiary maintains seven deposit branches across Carmel, Indianapolis, Lynn, Spartanburg, and Richmond in Indiana, alongside specialized offices supporting agricultural and government-guaranteed lending across Indiana, Illinois, Ohio, and Texas. Mortgage banking and warehousing platforms serve clients throughout the United States. Merchants Bancorp maintains its principal executive headquarters in Carmel, Indiana.
Summary of the business section of Merchants Bancorp's latest annual report, written by StockData.
Company profile
Company
- Legal name
- Merchants Bancorp
- Founded
- 1990
- Headquarters
- Carmel, IN
- Address
- 410 Monon Blvd 46032
- Phone
- (317) 569-7420
- Website
- bankmerchants.com
- Employees
- 735, Dec 31, 2025
- Industry
- State Commercial Banks
- Incorporated in
- Indiana
- Fiscal year ends
- December 31
- Auditor
- Forvis Mazars, LLP, Indianapolis, Indiana
Stock & identifiers
- Ticker
- MBIN
- Other tickers
- MBINL, MBINM, MBINN
- Exchange
- Nasdaq
- IPO date
- Oct 30, 2017
- Shares outstanding
- 46M, Jul 30, 2026
- Public float
- $990.60M, Jun 30, 2025
- Filer category
- Large accelerated filer
- Stock splits
- 3-for-2, Jan 18, 2022; 3-for-2, Jan 17, 2022
- SEC CIK
- 1629019
- CUSIP
- 58844R108
- ISIN
- US58844R1086
- LEI
- 54930008Y0GPVLF81889
- EIN
- 20-5747400
Executives and directors
Officers and directors who filed ownership reports (Forms 3, 4, 5) in the last two years
| Name | Position | Shares owned |
|---|---|---|
| Michael F. Petrie | Chairman and CEO, Director | 12,559,451 |
| Scott A. Evans | Lynn Market President, Director | 27,906 |
| Michael J. Dunlap | President, COO, Director | 212,712 |
| Michael R. Dury | CEO of Merchants Capital | 138,902 |
| Kevin T. Langford | Chief Administrative Officer | 36,783 |
| Martin A. Schroeter | President-Warehouse Lending | 11,220 |
| Terry A. Oznick | SVP, General Counsel | 31,890 |
| Jerry F. Koors | Merchants Mortgage President | 63,113 |
| Sean A. Sievers | CHIEF FINANCIAL OFFICER | 14,388 |
| Darin L. Thomas | Chief Accounting Officer | 1,103 |
| Tamika Catchings | Director | 8,094 |
| Mark E. Shaffer | Director | 709 |
| Anne E. Sellers | Director | 12,987 |
| Patrick D. O'Brien | Director | 200,049 |
| Andrew Juster | Director | 26,500 |
| Michael S. Curless | Director | 709 |
| Thomas Dinwiddie | Director | 23,094 |
| Julia L. Kaercher | Director | 818,266 |
| Randall D. Rogers Jr. | Director | 3,775,361 |
| David N. Shane | Director | 23,527 |
| Sue Anne Gilroy | Director | 13,684 |
CEO pay and shareholder return
Pay versus performance table from the proxy statement
| Fiscal year | CEO total pay | CEO pay actually paid | Other executives (avg) | Value of $100 invested | Peer group |
|---|---|---|---|---|---|
| FY2025 Mr.Petrie. | $2.53M | $2.57M | $2.89M | $195 | $187 |
| FY2024 Mr.Petrie. | $2.94M | $3.60M | $3.70M | $294 | $147 |
| FY2023 Mr.Petrie. | $2.84M | $4.98M | $2.77M | $340 | $109 |
| FY2022 Mr.Petrie. | $1.91M | $2.32M | $3.04M | $192 | $99 |
| FY2021 Mr.Petrie. | $1.55M | $2.16M | $4.92M | $246 | $120 |
| FY2020 Mr.Petrie. | $1.58M | $1.84M | $2.98M | $143 | $87 |
“Actually paid” adjusts reported pay for changes in the value of equity awards. Shareholder return assumes $100 invested at the start of the measurement period, as disclosed by the company.
Employees
Headcount reported in annual reports
“As of December 31, 2025, we had approximately 735 employees located in multiple states, including 424 employees in central Indiana.”
Corporate history
Events identified from SEC filings
| Date | Event | Details |
|---|---|---|
| Jan 2, 2025 | Delisting | Notice of delisting from exchange (Form 25) |
| Nov 25, 2024 | Listing | Registration of securities on an exchange (Form 8-A) |
| Apr 1, 2024 | Delisting | Notice of delisting from exchange (Form 25) |
| Sep 27, 2022 | Listing | Registration of securities on an exchange (Form 8-A) |
| Mar 23, 2021 | Listing | Registration of securities on an exchange (Form 8-A) |
| Aug 19, 2019 | Listing | Registration of securities on an exchange (Form 8-A) |
| Mar 28, 2019 | Listing | Registration of securities on an exchange (Form 8-A) |
| Oct 30, 2017 | IPO | Initial public offering priced (424B4 prospectus) |
| Oct 24, 2017 | Listing | Registration of securities on an exchange (Form 8-A) |