Merchants Bancorp announced its intention to redeem all outstanding shares of its 6.00% (reset to 9.42% as of October 1, 2024) Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock on January 2, 2025.
The redemption will occur at the liquidation preference of $25.00 per share, utilizing cash on hand. This action is expected to optimize the company's capital structure by replacing a higher-cost preferred stock with the recently issued Series E preferred stock.
Concurrently, Merchants declared an initial quarterly cash dividend of $7.84 per share (equivalent to $0.196 per depositary share) on its 7.625% Series E preferred stock, payable on January 2, 2025, to shareholders of record on December 13, 2024.
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