February 28, 2024 --- Merchants Bancorp ("Merchants") (Nasdaq: MBIN) today announced that on April 1, 2024 it will redeem all outstanding shares of its 7.00% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock ("Series A Preferred Stock") (Nasdaq: MBINP) at the liquidation preference of $25.00 per share. Dividends on the Series A Preferred Stock of $0.4375 per share that were declared and announced on February 14, 2024 will be paid separately on April 1, 2024. Accordingly, the redemption price of the Series A Preferred Stock will not include any accrued and unpaid dividends. On and after the redemption date, all dividends on the shares of Series A Preferred Stock will cease to accrue. Merchants will redeem the Series A Preferred Stock using cash on hand. Merchants has notified Nasdaq of its intention to voluntarily delist the Series A Preferred Stock and a Notification of Removal from Listing on Form 25 will be filed with Securities and Exchange Commission on or prior to the redemption date. Merchants expects the delisting to become effective on or about April 1, 2024, from which time the Series A Preferred Stock will no longer be traded on Nasdaq.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Merchants Bancorp, 7.00% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 4/1/2024 at $25 per share plus declared and unpaid dividends, and with no stated maturity. Non-Cumulative distributions of 7.00% per annum ($1.75 per annum or $0.4375 per quarter) will be paid quarterly on 1/1, 4/1, 7/1 & 10/1 to holders of record on the record date that will be the 15th day prior to the payment date or such other record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). From and including 4/1/2024, dividends will be paid at a floating rate of the Three-Month LIBOR plus 4.605% per annum. In the event that three-month LIBOR is less than zero, three-month LIBOR shall be deemed to be zero. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-35 of the prospectus for further information). This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). This security was rated as BBB+ by Egan-Jones at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
NCM Chart	FixFloat $1.75	$25.00 $25.00	Called for 4/01/2024 None	Ba3 NF 4/23/2023	1/1, 4/1, 7/1 & 10/1 Click for MW ExDiv Date Click for Yahoo ExDiv Date	YES

Company's Online Information Links

HOME PAGE:     https://www.merchantsbankofindiana.com/
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Company's Email Address Links

Email Address	rmarsh@merchantsbankofindiana.com
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Address and Phone Numbers

Address:   410 Monon Blvd, Carmel, IN 46032
Main Phone Number	317-569-7420
Fax Number	317-569-6481
Corporate Communications   Rebecca Marsh	317-805-4356
Toll Free Phone Number	Unknown

CEO - Michael F. Petrie

CFO - John Macke