Merchants Bancorp

Merchants Bancorp is a diversified bank holding company incorporated in Indiana in 2006 and headquartered in Carmel, Indiana. The company operates through several business segments. Its Multi-family Mortgage Banking segment provides financing and servicing for multi-family housing and healthcare facilities, and also acts as a syndicator of low-income housing tax credit and debt funds. The Mortgage Warehousing segment offers mortgage warehouse financing, commercial loans, and deposit services. The Banking segment provides portfolio lending for multi-family and healthcare facility loans, retail and correspondent residential mortgage banking, agricultural lending, SBA lending, and traditional community banking services. As of December 31, 2025, Merchants Bancorp had $19.4 billion in assets, $13.0 billion of deposits, and $2.3 billion of shareholders' equity. The company was founded in 1990 as a mortgage banking company. Merchants Bank, its wholly owned banking subsidiary, operates under an Indiana charter and provides national and traditional community banking services, portfolio lending for multi-family and healthcare facility loans, retail and correspondent residential mortgage banking, warehouse lending, SBA lending, and agricultural lending. Merchants Bank has seven depository branches located in Carmel, Indianapolis, Lynn, Spartanburg, and Richmond, Indiana. The business primarily funds fixed-rate, low-risk loans meeting government program underwriting standards, using an originate-to-sell model, while retaining adjustable-rate loans as held for investment. Loans are funded primarily from mortgage custodial, municipal, retail, commercial, and brokered deposits, as well as short-term borrowings.