The depositary shares represent an interest in 7.625% fixed rate non-cumulative perpetual preferred stock

Davis Polk advised the representatives of the several underwriters, in connection with Merchants Bancorp’s SEC-registered 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, without par value per share, with a liquidation preference of $25 per depositary share (equivalent to $1,000 per share of Series E preferred stock). The gross proceeds from the offering totaled approximately $230 million.

Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana. It operates operating multiple business segments, including multi-family mortgage banking, mortgage warehouse financing and banking.

The Davis Polk capital markets team included partner Michael Kaplan, counsel Jeffrey S. Ramsay and associate Courtney Wax. The financial institutions team included partners Margaret E. Tahyar and Eric McLaughlin and associate Jeremy R. Lee. The tax team included partner Michael Mollerus and associates Nancy B. Regan and Carter Ballentine Allison. The intellectual property team included partner Pritesh P. Shah. All members of the Davis Polk deal team are based in the New York office.

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