Form 4: Merchants Bancorp Director Acquires Shares as Part of Quarterly Retainer

David N. Shane, a director at Merchants Bancorp, acquired 430 shares of common stock at $40.78 per share as part of his quarterly retainer.

Summary

• On August 15, 2024, David N. Shane, a director of Merchants Bancorp, acquired 430 shares of common stock.
• The acquisition was part of his quarterly retainer for serving as a director.
• The price per share was $40.78.
• Following the transaction, Shane directly owns 20,654 shares of common stock, 2,000 Series C Depositary Shares and 2,000 Series D Depositary Shares.
• The number of shares awarded was determined by dividing the dollar value of the equity portion by the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine transaction related to director compensation.

Positives

• The director's acquisition of shares demonstrates confidence in the company.

Industry Context

Directors often receive equity as part of their compensation, aligning their interests with those of shareholders. This is a common practice in the financial services industry.

Comparison to Industry Standards

• Director compensation packages vary widely across the financial services industry.
• Equity grants are a common component, but the specific amount and vesting schedules depend on the company's size, performance, and governance practices.
• Comparing Shane's equity compensation to that of directors at similar-sized regional banks would provide a more detailed benchmark.

Stakeholder Impact

• The transaction has a minor positive impact on shareholder confidence as it shows the director's continued investment in the company.

Key Dates