Merchants Bancorp Announces Board and Executive Changes
Ticker: MBINN · Form: 8-K · Filed: Sep 11, 2024 · CIK: 1629019
| Field | Detail |
|---|---|
| Company | Merchants Bancorp (MBINN) |
| Form Type | 8-K |
| Filed Date | Sep 11, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $600,000, $250,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: governance, executive-compensation, board-of-directors
TL;DR
Merchants Bancorp reshuffled its board and exec comp on 9/11.
AI Summary
Merchants Bancorp announced on September 11, 2024, changes related to its board of directors and executive compensation. Specifically, the company elected new directors and appointed new officers, alongside adjustments to compensatory arrangements for certain executives. The filing also includes financial statements and exhibits.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance updates and executive appointments, with no immediate financial distress or significant operational changes indicated.
Key Players & Entities
- Merchants Bancorp (company) — Registrant
- September 11, 2024 (date) — Date of earliest event reported
FAQ
Who were the newly elected directors at Merchants Bancorp?
The filing does not specify the names of the newly elected directors, only that elections occurred.
What specific changes were made to executive compensation arrangements?
The filing indicates adjustments to compensatory arrangements for certain officers but does not detail the specific changes.
What is the primary purpose of this Form 8-K filing?
The primary purpose is to report current information regarding the departure of directors, election of directors, appointment of officers, and compensatory arrangements of certain officers, as well as financial statements and exhibits.
When was the earliest event reported in this filing?
The earliest event reported was on September 11, 2024.
What is Merchants Bancorp's Standard Industrial Classification (SIC) code?
Merchants Bancorp's SIC code is 6022, which corresponds to STATE COMMERCIAL BANKS.
Filing Stats: 944 words · 4 min read · ~3 pages · Grade level 12.2 · Accepted 2024-09-11 16:05:18
Key Financial Figures
- $600,000 — the Board, (i) an annual base salary of $600,000, (ii) participation in Company's 2017 E
- $250,000 — s will receive a one-time cash award of $250,000 and a one-time equity award of common s
Filing Documents
- tm2423806d1_8k.htm (8-K) — 37KB
- tm2423806d1_ex99-1.htm (EX-99.1) — 12KB
- tm2423806d1_ex99-1img001.jpg (GRAPHIC) — 20KB
- tm2423806d1_ex99-1img002.jpg (GRAPHIC) — 20KB
- tm2423806d1_ex99-1img003.jpg (GRAPHIC) — 15KB
- tm2423806d1_ex99-1img004.jpg (GRAPHIC) — 14KB
- 0001104659-24-098918.txt ( ) — 376KB
- mbin-20240911.xsd (EX-101.SCH) — 3KB
- mbin-20240911_def.xml (EX-101.DEF) — 27KB
- mbin-20240911_lab.xml (EX-101.LAB) — 37KB
- mbin-20240911_pre.xml (EX-101.PRE) — 26KB
- tm2423806d1_8k_htm.xml (XML) — 7KB
02 Departure of Directors or Certain Officers; Election of
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. The Board of Directors ("Board") of Merchants Bancorp (the "Company") has appointed Sean Sievers as the Company's Chief Financial Officer effective September 9, 2024. As previously announced by the Company on March 7, 2024, the Company's current Chief Financial Officer, John F. Macke, intends to retire. Mr. Macke's last day with the Company will be September 27, 2024. Mr. Macke and Mr. Sievers will share duties until Mr. Macke's retirement. In addition to his role as the Company's Chief Financial Officer, Mr. Sievers will also serve as the Company's principal accounting officer and Chief Financial Officer of the Company's wholly owned subsidiary, Merchants Bank of Indiana. Mr. Sievers joins the Company from Rate (formerly known as Guaranteed Rate), a mortgage company located in Chicago, Illinois, where Mr. Sievers served as Chief Financial Officer since 2022. Prior to Rate, Mr. Sievers served as Chief Financial Officer of Figure Technology, Inc, a financial technology company, from 2021 to 2022, and Chief Financial Officer of Mortgage Assets Management LLC, a residential mortgage services company, from 2019 to 2021. Mr. Sievers has also served as Chief Financial Officer of Countrywide's internet bank and retail origination team, Senior Director at Freddie Mac, Chief Financial Officer of SunTrust Bank's (now part of Truist Bank) consumer banking division, and Chief Financial Officer of CitiMortgage, Citibank's global mortgage business. Mr. Sievers has a Bachelor of Science in accounting from California Lutheran University and is a former licensed public accountant. Mr. Siever's compensation will consist of the following, Equity Incentive Plan ("Incentive Plan"), with a target cash incentive a
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release dated September 11, 2024 issued by Merchants Bancorp. 104 Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MERCHANTS BANCORP Date: September 11, 2024 By: /s/ Terry Oznick Name: Terry Oznick Title: General Counsel and Secretary