Merchants Bancorp falls from record on stock offering

Merchants Bancorp

13/05/2024 21:55

** Merchants Bancorp's  MBIN.O  shares down 9.7% at $43 in
extended trading as it seeks equity raise
    ** MBIN rose for 11th straight session on Mon, finishing up
0.4% at $47.61, a fresh record high close
    ** Carmel, Indiana-based commercial and residential mortgage
finance bank after the bell announces 2.4 mln share offering
    ** It plans to use net proceeds for general purposes,
including to support balance sheet growth
    ** Morgan Stanley lead bookrunner, joined by Piper Sandler
and Eaymond James
    ** As of Mar 31, Merchants had $17.8 bln in assets and $14
bln in deposits
    ** It has ~43.35 mln shares outstanding for roughly $2.1 bln
market cap
    ** YTD, shares up 12%. Stock was trading around $23 a year
ago

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))