Business
Merchants Bancorp Announces Stock Repurchase Program
CARMEL, Ind., Dec. 19, 2019 /PRNewswire/ -- Merchants Bancorp ("Merchants") (NASDAQ:MBIN), the parent company of Merchants Bank of Indiana, today announced
About this update from Merchants Bancorp
[{"type":"text","content":"CARMEL, Ind., Dec. 19, 2019 /PRNewswire/ -- Merchants Bancorp (\"Merchants\") (NASDAQ:MBIN), the parent company of Merchants Bank of Indiana, today announced that its board of directors has approved a stock repurchase program of up to $30 million of common stock, expiring Dec. 31, 2021. \n\n \n\"This repurchase program demonstrates the Board's confidence in our business model, strong financial performance, and commitment to delivering value to our shareholders,\" said Michael F. Petrie, Chairman and CEO of Merchants. \"The program reflects our dedication to long-term growth, while maintaining strong capital levels – keeping us on the path to success.\" \nThe stock repurchase program permits Merchants to acquire shares of its common stock from time to time in the open market or otherwise at such prices, quantities, and terms as management deems appropriate and in the best interest of Merchants and its shareholders. The repurchase program does not obligate Merchants to repurchase shares of its common stock and may be modified, suspended, or discontinued at any time at the discretion of the Board.\nRepurchases are subject to compliance with applicable laws and regulations. Repurchases will depend upon a variety of factors, including general market and economic conditions as well as the financial and regulatory condition of Merchants. \nABOUT MERCHANTS BANCORPMerchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple lines of business, including Federal Housing Administration (\"FHA\") multi-family housing and healthcare facility financing and servicing; mortgage warehouse financing; retail and correspondent residential mortgage banking; agricultural lending; and traditional community banking. Merchants Bancorp, with $6.3 billion in assets and $5.5 billion in deposits as of September 30, 2019, conducts its business through its direct and indirect subsidiaries, Merchants Bank of Indiana, Merchants Capital Corp., Farmers-Merchants Bank of Illinois, Merchants Capital Servicing, LLC, and Merchants Mortgage, a division of Merchants Bank of Indiana. For more information and financial data, please visit Merchants' Investor Relations page at investors.merchantsbankofindiana.com. \nFORWARD LOOKING STATEMENTSThis press release contains forward-looking statements which reflect current views of M...