Merchants Bancorp Files 8-K on Preferred Stock
Ticker: MBINN · Form: 8-K · Filed: Dec 4, 2024 · CIK: 1629019
| Field | Detail |
|---|---|
| Company | Merchants Bancorp (MBINN) |
| Form Type | 8-K |
| Filed Date | Dec 4, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $23.56, $0.59, $24.35, $0.60875 |
| Sentiment | neutral |
Sentiment: neutral
Topics: disclosure, preferred-stock, financials
Related Tickers: MERCH
TL;DR
MERCH files 8-K detailing preferred stock series B, C, D, E. No major surprises.
AI Summary
Merchants Bancorp filed an 8-K on December 4, 2024, reporting other events and financial statements. The filing details various preferred stock series, including Series B, C, D, and E, and their associated share information. The company is incorporated in Indiana and its fiscal year ends on December 31.
Why It Matters
This filing provides updated information on Merchants Bancorp's capital structure, specifically concerning its preferred stock, which can impact investor understanding of the company's financial standing and potential future actions.
Risk Assessment
Risk Level: low — The filing is a routine disclosure of corporate events and financial information without any indication of significant negative developments.
Key Players & Entities
- Merchants Bancorp (company) — Registrant
- Indiana (location) — State of Incorporation
- December 4, 2024 (date) — Date of Report
- Series B Preferred Stock (security) — Preferred Stock Series
- Series C Preferred Stock (security) — Preferred Stock Series
- Series D Preferred Stock (security) — Preferred Stock Series
- Series E Preferred Stock (security) — Preferred Stock Series
FAQ
What specific events are being reported under 'Other Events' in this 8-K filing?
The filing indicates 'Other Events' as an item information, but the specific details of these events are not elaborated in the provided text snippet. Further review of the full document would be needed.
What is the significance of the different preferred stock series mentioned (B, C, D, E)?
The filing lists Series B, C, D, and E Preferred Stock, indicating these are distinct classes of preferred stock issued by Merchants Bancorp, each likely having different terms and conditions.
What is the company's primary business activity based on the SIC code?
The Standard Industrial Classification (SIC) code provided is [6022], which corresponds to 'STATE COMMERCIAL BANKS', indicating Merchants Bancorp operates as a commercial bank.
When does Merchants Bancorp's fiscal year end?
Merchants Bancorp's fiscal year ends on December 31, as stated in the filing.
What is the filing date and the earliest event date reported?
The filing was made on December 4, 2024, and this date also represents the earliest event reported in the filing.
Filing Stats: 604 words · 2 min read · ~2 pages · Grade level 12.2 · Accepted 2024-12-04 16:05:16
Key Financial Figures
- $23.56 — erly dividends, including a dividend of $23.56 per share (equivalent to $0.59 per depo
- $0.59 — dend of $23.56 per share (equivalent to $0.59 per depositary share) on its outstandin
- $24.35 — ctors is correcting such dividend to be $24.35 for each issued and outstanding share o
- $0.60875 — Series B preferred stock (equivalent to $0.60875 per depositary share). Such dividend wi
Filing Documents
- tm2430171d1_8k.htm (8-K) — 36KB
- 0001104659-24-125508.txt ( ) — 267KB
- mbin-20241204.xsd (EX-101.SCH) — 3KB
- mbin-20241204_def.xml (EX-101.DEF) — 28KB
- mbin-20241204_lab.xml (EX-101.LAB) — 38KB
- mbin-20241204_pre.xml (EX-101.PRE) — 26KB
- tm2430171d1_8k_htm.xml (XML) — 9KB
01 Other Events
Item 8.01 Other Events. On November 20, 2024, the Company filed a Form 8-K announcing that the Company's Board of Directors declared quarterly dividends, including a dividend of $23.56 per share (equivalent to $0.59 per depositary share) on its outstanding shares of Series B preferred stock. However, as of October 1, 2024 the Series B preferred stock's dividend rate moved from its fixed rate period to its floating rate period and the day count method used to calculate dividends for each quarter also changed. Therefore, the Company's Board of Directors is correcting such dividend to be $24.35 for each issued and outstanding share of Series B preferred stock (equivalent to $0.60875 per depositary share). Such dividend will remain payable on January 2, 2025 to shareholders of record on December 13, 2024. Additionally, as announced by the Company on November 26, 2024, the Series B preferred stock will still be redeemed on January 2, 2025.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 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: December 4, 2024 By: /s/ Terry Oznick Name: Terry Oznick Title: General Counsel and Secretary