Merchants Bancorp prices $130M perpetual preferred offering at 8.25% fixed rate

Merchants Bancorp

Offering of 5,200,000 depositary shares representing 8.25% Series D Non-Cumulative Preferred Stock at $25/share.
Dividends at 8.25% through Oct 1, 2027; thereafter reset to 5-year Treasury rate plus 4.34%.
Underwriters have 30-day over-allotment option for up to 780,000 additional shares.
Net proceeds for general corporate purposes and balance sheet growth of Merchants Bank.
Expected closing September 27, 2022, subject to customary conditions.

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