Form 4: Merchants Bancorp CEO Sells Depositary Shares

Merchants Bancorp Chairman and CEO Michael F. Petrie reported sales of Series C Depositary Shares totaling 1,100 units in November 2025.

Summary

• Michael F. Petrie, Chairman and CEO of Merchants Bancorp, reported transactions involving the sale of Series C Depositary Shares.
• On November 10, 2025, Petrie sold 100 Series C Depositary Shares at a price of $20.05 per share.
• On November 13, 2025, Petrie sold an additional 1,000 Series C Depositary Shares at a price of $19.85 per share.
• These transactions were made pursuant to a Rule 10b5-1(c) plan.
• Following these sales, Petrie directly beneficially owns 99,900 Series C Depositary Shares.
• Petrie's direct beneficial ownership of Common Stock is 1,919,428 shares, which includes 58,203 unvested restricted stock units.
• Indirect beneficial ownership of Common Stock totals 10,708,173 shares through various trusts where his spouse acts as a trustee.
• The unvested restricted stock units include 29,807 units vesting on February 1, 2026; 20,736 units vesting on February 1, 2027; and 7,660 units vesting on February 1, 2028.

Sentiment

Score: 5

Explanation: Neutral. This Form 4 filing reports insider sales, which are factual transactions. The indication that the sales were made pursuant to a Rule 10b5-1(c) plan suggests a pre-arranged trading strategy rather than an immediate reaction to new company-specific information, thus mitigating any strong positive or negative sentiment interpretation based solely on this filing.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: May interpret insider sales differently, potentially influencing sentiment, though the indication of a 10b5-1 plan may mitigate negative interpretations.
• Employees: No direct impact mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Creditors: No direct impact mentioned.

Key Dates

Keywords

Merchants Bancorp, MBIN, Michael F. Petrie, Insider Trading, Form 4, Depositary Shares, Common Stock, CEO, Director, 10% Owner, Stock Sale, Rule 10b5-1