Merchants Bancorp announced the successful closing of its underwritten public offering of 9,200,000 depositary shares, each representing a 1/40th interest in a share of its 7.625% Fixed Rate Series E Non-Cumulative Perpetual Preferred Stock.
As a result of the offering, Merchants Bancorp received net proceeds of approximately $222.8 million, after accounting for estimated expenses and underwriting discounts and commissions.
These proceeds are designated for the redemption of the company's Series B preferred stock and for general corporate purposes, including supporting the balance sheet growth of Merchants Bank, enhancing the company's capital position and operational flexibility.
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