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Merchants Bancorp (Indiana) | Reset Rate Dep Shares Series D Non-Cumul Preferred Stock (MBINM)
Prospectus excerpt: We are offering 5,200,000 depositary shares each representing a 1/40th ownership interest in a share of our 8.25% Fixed Rate Reset Series D Non-Cumulative Perpetual Preferred Stock, without par value (“Series D preferred stock”), with a liquidation preference of $1,000 per share of Series D preferred stock (equivalent to $25 per depositary share). As a holder of depositary shares, you will be entitled to all rights and preferences of the Series D preferred stock (including dividend, voting, redemption and liquidation rights) in proportion to your investment in the underlying shares of Series D preferred stock. You must exercise these rights through the depositary. Dividends on the Series D preferred stock will not be cumulative or mandatory. If our board of directors does not declare a dividend on the Series D preferred stock or if our board of directors authorizes and we declare less than a full dividend in respect of any Dividend Period (as defined herein), we will have no obligation to pay a dividend or to pay full dividends for that Dividend Period at any time, whether or not dividends on the Series D preferred stock or any other class or series of our preferred stock or common stock are declared for any future Dividend Period. Full Prospectus PDF », Secondary Prospectus PDF », MBIN Page »
Series: | D | Redeemable?: | Yes | Call Date: | 10/1/2027 | Perpetual?: | Yes | Cumulative?: | No | Shares Offered: | 5,200,000 | Overallotment: | 780,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $25.92 | Premium to Liquidation Preference: (More Preferreds Trading at a Premium ») | $0.92 (3.68%) | Annualized Dividend: | 2.0624 | Recent Ex-Date: | 3/14/2024 | Current Yield: | 7.96% | Original Coupon: | 8.25% until the first redemption date, then it will be equal to the sum of the Five-Year U.S Treasury Rate on the applicable fixed rate calculation date plus 4.34%, resetting every 5 years thereafter on applicable fixed rate calculation date | Pay Period: | Quarterly | Pay Dates: | 1-Jan, 1-Apr, 1-Jul, 1-Oct | CDx3 Compliance Rating: |
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Merchants Bancorp is a bank holding company. Through its subsidiaries, Co. operates in and services multiple lines of business, including agricultural lending, Small Business Administration (SBA) lending, and community banking. Co.'s business segments are defined as multi-family mortgage banking, which originates Federal Housing Authority loans that are sold as Government National Mortgage Association mortgage backed securities; mortgage warehousing, which provides asset-based financing in the form of warehouse facilities; and banking, which includes retail banking, commercial lending, agricultural lending, retail and correspondent residential mortgage banking, and SBA lending. Preferreds: MBINP, MBINO, MBINN, MBINM Open the MBIN Information Page »
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