Merchants Bancorp Announces Renewal of Its Share Buyback Program | State
CARMEL, Ind., November 17, 2021 / PRNewswire / – Merchants Bancorp (“Merchants”) (Nasdaq: MBIN), parent company and registered banking holding company of Merchants Bank of Indiana (“Merchants Bank”), today announced that its board of directors has approved the renewal and increase of the share repurchase program until $ 75 million ordinary shares, expiring December 31, 2023.
The Share Buy-Back Program allows Dealers to acquire Common Shares from time to time in the open market or otherwise at prices, quantities and conditions that management deems appropriate and in the best interests of Dealers and its shareholders. The buyback program does not require traders to buy back common stock and may be changed, suspended or discontinued at any time at the discretion of the board.
Redemptions are subject to compliance with applicable laws and regulations. Redemptions will depend on a variety of factors, including general market and economic conditions as well as the financial and regulatory condition of the merchants.
Merchants Bancorp is a diversified banking holding company headquartered in Carmel, Indiana operating multiple lines of business, including financing and maintenance of multi-family housing and healthcare facilities, mortgage warehouse financing, residential retail and correspondence mortgage banking, agricultural loans and banking services traditional community. Merchants Bancorp, with $ 11.0 billion in assets and $ 8.9 billion in deposits at September 30, 2021, operates through its direct and indirect subsidiaries, Merchants Bank of Indiana, Merchants Capital Corp., Farmers-Merchants Bank of Illinois, and Merchants Mortgage, a division of Merchants Bank of Indiana. For more information and financial data, please visit the Traders Investor Relations page at investors.merchantsbancorp.com.