Form 4: Merchants Bancorp CEO Michael Petrie Disposes of Series B Depositary Shares

Merchants Bancorp CEO Michael Petrie disposed of 21,021 Series B Depositary Shares as part of a redemption by the issuer.

Summary

• Michael F. Petrie, Chairman and CEO of Merchants Bancorp, reported a transaction involving the disposal of 21,021 Series B Depositary Shares.
• The disposal occurred on January 2, 2025, as part of a redemption by the issuer at a price of $25 per share.
• This transaction was related to the redemption of all outstanding shares of Series B preferred stock.
• Petrie's holdings include 1,990,545 shares of common stock directly and 10,738,867 shares of common stock indirectly through various trusts.
• He also holds 100,000 Series C Depositary Shares directly.
• The report also notes that Petrie holds 70,541 unvested restricted stock units.

Sentiment

Score: 5

Explanation: The document is a routine SEC filing detailing a standard transaction. There is no indication of positive or negative sentiment, it is a neutral reporting of facts.

Industry Context

This is a standard SEC Form 4 filing, which is common for corporate insiders reporting changes in their beneficial ownership of company securities. The redemption of preferred stock is a corporate action that can impact the capital structure of the company.

Comparison to Industry Standards

• SEC Form 4 filings are a standard practice for publicly traded companies in the United States, ensuring transparency of insider transactions.
• The redemption of preferred stock is a common corporate action, often done to simplify the capital structure or reduce dividend obligations.
• The level of detail provided in this filing is consistent with SEC requirements for reporting insider transactions.

Stakeholder Impact

• The redemption of Series B preferred stock may impact shareholders holding those shares, as they receive the liquidation preference.
• The transaction does not appear to have a significant impact on other stakeholders.

Key Dates

Keywords

Merchants Bancorp, Michael Petrie, Series B Depositary Shares, Share Redemption, SEC Form 4, Beneficial Ownership, Restricted Stock Units, Common Stock