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• It's like **Comerica Bank**, but with a significant national focus on lending to other mortgage companies (mortgage warehouse) and financing multi-family housing.
• Think of it as a blend of a regional bank like **US Bank** and a specialized national lender for the multi-family real estate and mortgage industries.
• It's like **Wells Fargo**, but instead of focusing on consumer branches, it's primarily a lender to other mortgage companies and for large apartment complexes.

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• Commercial Lending: Provides various loans and lines of credit to businesses for operating capital, equipment, and real estate.
• Mortgage Banking: Originates, services, and sells residential and multi-family mortgage loans.
• Agricultural Lending: Offers specialized financing and credit solutions to farmers and agribusinesses.
• Private Banking & Wealth Management: Delivers personalized financial services, including investment management, trust services, and tailored credit solutions for high-net-worth individuals.
• Deposit Services: Offers a range of checking, savings, money market, and certificate of deposit accounts for individuals and businesses.

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Merchants Bancorp (MBIN) operates as a bank holding company, and like most financial institutions, it serves a diverse customer base rather than having a few identifiable "major customers" in the traditional sense of a supplier-client relationship. Banks do not publicly disclose specific customer names due to client confidentiality and the large volume of transactions and relationships.

Based on their loan portfolio and business segments, Merchants Bancorp primarily serves the following categories of customers, with a significant focus on lending to other businesses:

• Real Estate Developers and Investors: Merchants Bancorp is a prominent lender in the multi-family housing and commercial real estate sectors. This includes providing construction loans, term loans, and acquisition financing to companies involved in developing, acquiring, and managing apartment complexes, commercial properties, and other real estate ventures.
• Independent Mortgage Bankers (IMBs): The company has a substantial mortgage warehouse lending division. Its customers in this segment are independent mortgage companies that utilize Merchants Bancorp's credit lines to fund residential mortgages before they are sold into the secondary market.
• Small to Medium-sized Businesses (SMBs): Merchants Bancorp provides a range of commercial banking services, including commercial and industrial (C&I) loans, lines of credit, equipment financing, and Small Business Administration (SBA) loans to businesses across various industries for their operational needs, expansion, and capital expenditures.

While the primary focus for its major lending activities (and thus, major revenue generation) is on businesses as described above, Merchants Bancorp also serves individuals by offering residential mortgage loans, consumer loans, and various deposit products.

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Michael F. Petrie, Chairman of the Board, Chief Executive Officer

Michael F. Petrie founded Merchants Bank of Indiana in 1990 and co-founded Merchants Capital Corp. (formerly PR Mortgage & Investments) in 1990 with Randall Rogers. Merchants Capital specializes in multifamily housing and healthcare facilities finance. He has served as Chairman and CEO of Merchants Bancorp and Merchants Bank of Indiana since 2006 (Chairman since 2002 for Merchants Bank of Indiana). Petrie previously served as Chairman and President of Merchants Capital until 2018. He possesses over 30 years of experience in the mortgage banking industry.

Sean Sievers, Chief Financial Officer, Executive Vice President

Sean Sievers was appointed Chief Financial Officer of Merchants Bancorp, effective September 9, 2024. He brings more than 25 years of executive financial leadership experience in the banking and mortgage industries. Prior to joining Merchants Bancorp, Sievers served as CFO at Rate (formerly Guaranteed Rate), a prominent mortgage banker. His career also includes leadership positions such as CFO of Countrywide's Internet Bank and Retail Origination team, Senior Director at Freddie Mac, CFO of SunTrust's Consumer Banking Division, and CFO of Citibank's Global Mortgage Business.

Michael J. Dunlap, President and Chief Operating Officer of Merchants Bancorp; President and CEO of Merchants Bank of Indiana; Chairman of Merchants Capital Corp.

Michael J. Dunlap joined Merchants Bank in 2009 as Senior Vice President of Mortgage Banking and became a member of the Board of Directors in 2014. He has been instrumental in establishing Merchants Bank's warehouse lending platform and launching Merchants Mortgage. With over 30 years of experience in the mortgage banking industry, Dunlap previously served as Chief Financial Officer of National City Mortgage (now part of PNC) and held finance positions at Bank One (now JPMorgan Chase) and Waterfield Mortgage. He began his career as a Certified Public Accountant with KPMG.

Randall Rogers, Vice Chairman of the Board

Randall Rogers co-founded Merchants Capital Corp. with Michael Petrie in 1990.

Michael Dury, President and Chief Executive Officer of Merchants Capital

Michael Dury has been with Merchants Capital since July 2007, serving in various roles including Real Estate Investment Officer, Assistant Vice President, Vice President, Senior Vice President, and Executive Vice President and Chief Operating Officer. He was promoted to CEO of Merchants Capital in January 2020, taking over from Michael Petrie.

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The key risks to Merchants Bancorp (MBIN) include:

1. Credit Losses and Mortgage Fraud: Merchants Bancorp experienced a significant spike in its provision for credit losses, reaching $43.1 million in Q2 2025. This was primarily attributed to declines in multi-family property values and the discovery of mortgage fraud involving 14 borrowers, leading to $46.1 million in charge-offs with no recoveries. The company reclassified $417.7 million in loans as "substandard" in its annual report, up from $323.6 million, and Q2 net income dropped by 50% due to these issues.
2. Multi-family Property Value Declines and Volatile Macroeconomic Backdrop: The company's exposure to multi-family mortgage loans makes it vulnerable to fluctuations in regional real estate dynamics. The decline in multi-family property values was a direct contributor to the increased credit losses in Q2 2025, operating within a volatile macroeconomic environment.
3. Complexity of Lending Model and "Black Box" Risks: Merchants Bancorp operates a "complex, high-velocity lending model" which carries "inherent 'black box' risks." Despite a strategic focus on government-backed lending, this complexity can lead to unforeseen issues, as evidenced by recent mortgage fraud investigations that highlighted vulnerabilities in third-party appraisals and borrower diligence within their specialized niche.

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Merchants Bancorp (MBIN), like many traditional banks, faces clear emerging threats primarily stemming from technological advancements and evolving consumer preferences in the financial sector.

• Digital Disruption in Mortgage Lending: The rise and continued dominance of digital-first mortgage originators, such as Rocket Mortgage, poses a significant threat to MBIN's residential mortgage banking segment. These companies leverage advanced technology to offer streamlined, often faster, and fully online application and approval processes. This shifts consumer expectations and puts pressure on traditional lenders like MBIN to invest heavily in technology, compete on speed and convenience, and defend market share in a segment that has increasingly moved away from traditional branch-based or relationship-driven models. This disruption impacts origination volumes, margins, and the overall competitiveness of MBIN's mortgage business.

• Competition for Deposits from Neobanks and Fintech Platforms: Digital-only banks (neobanks) and various fintech platforms are increasingly effective at attracting deposits, particularly from younger, tech-savvy demographics, by offering higher interest rates on savings accounts and/or lower fees due to their asset-light operating models. This trend challenges MBIN's ability to attract and retain low-cost deposits, which are crucial for funding its lending operations and maintaining a healthy net interest margin. As consumers become more comfortable with digital-only banking solutions, traditional regional banks face ongoing pressure to either offer more competitive deposit rates (potentially impacting profitability) or risk deposit attrition to these agile, digitally native competitors.

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Merchants Bancorp (MBIN) operates in several key markets within the financial services sector in the United States. The addressable market sizes for their main products and services are identified below:

• Multi-family Mortgage Banking (U.S.): Merchants Bancorp's multi-family mortgage banking segment is involved in financing multi-family housing and healthcare facilities. The U.S. multifamily market size was valued at approximately USD 265 billion in 2022 and is projected to reach USD 466 billion by 2030, with a compound annual growth rate (CAGR) of 7.31% between 2023 and 2030. For 2025, the multifamily originations volume is estimated to be around $390 billion.
• Mortgage Warehousing (U.S.): This service provides financing for residential and commercial loans to non-depository financial institutions, falling under the broader category of specialty finance or asset-based finance. The U.S. specialty finance market has seen significant growth, with estimates suggesting it could reach approximately $7 trillion by 2028. Another estimate projects the asset-based finance market, sometimes called specialty finance, to swell to almost US$10 trillion by 2028. Assets under management for specialty finance funds in the U.S. grew from $28.0 billion in 2008 to $275.8 billion in 2023.
• Residential Mortgage Banking (U.S.): This includes retail and correspondent residential mortgage banking. The U.S. home loan market reached USD 2.29 trillion in 2025 and is forecasted to grow to USD 3.02 trillion by 2030. Mortgage originations in the United States totaled $1.69 trillion in 2024. In the third quarter of 2025, mortgage originations increased to $512.15 billion.
• Agricultural Lending (U.S.): Merchants Bancorp offers agricultural lending. The U.S. banking industry held $205 billion in farm loans by the end of 2024. Specifically, farm banks in the U.S. extended $115.1 billion in agricultural loans in 2024.
• Commercial Real Estate Lending (U.S.): This segment includes multi-family construction and bridge loans, as well as general commercial real estate and commercial and industrial loan products. The U.S. commercial real estate (CRE) mortgage market, as of the end of 2022, consisted of $4.5 trillion backed by income-producing properties and $470 billion in construction loans. Total commercial real estate (CRE) mortgage borrowing and lending is estimated to have totaled $498 billion in 2024.
• Small Business Administration (SBA) Lending: null
• Traditional Community Banking (Deposits and Consumer Loans): null

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Merchants Bancorp (MBIN) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Growth in Multi-family Mortgage Banking and Healthcare Facility Financing: Merchants Bancorp's core business revolves around multi-family housing and healthcare facility financing. The company maintains a strong loan pipeline in these areas, and management expresses confidence in executing on these opportunities once the interest rate environment becomes clearer. This indicates continued expansion in its specialized lending segments.
2. Expansion of Core Deposits: The company has demonstrated consistent growth in core deposits. For instance, core deposits increased by 7% from March 31, 2025, to June 30, 2025, and by 22% from December 31, 2024, to June 30, 2025, primarily due to growth in custodial deposits from warehouse customers. This growth provides a stable and lower-cost funding base, supporting further loan origination and enhancing net interest margin.
3. Increased Noninterest Income, particularly from Loan Sales and Servicing: Merchants Bancorp experienced a significant increase in noninterest income in Q4 2024, driven by higher gains on the sale of loans, loan servicing fees, and syndication and asset management fees. While Q1 2025 saw a temporary dip in gain on sale of loans due to market uncertainties, management views this as a short-term setback, suggesting a rebound in these income streams as market conditions stabilize.
4. Strategic Credit Risk Management and Capital Deployment: The company actively manages its credit risk through loan sales, securitization activities, and credit protection arrangements, including credit linked notes and credit default swaps executed in 2023, 2024, and 2025. This strategy helps reduce potential losses and efficiently redeploys capital into new growth opportunities, thereby indirectly contributing to revenue expansion.
5. Stabilization of the Interest Rate Environment: Management commentary frequently links the company's ability to execute on its loan pipeline and growth opportunities to a clearer and more stable interest rate environment. A favorable interest rate environment is expected to boost loan origination closings, improve net interest margins, and increase gains from loan sales, all of which would positively impact revenue growth.

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Share Repurchases

• Merchants Bancorp announced a renewal and increase of its share repurchase program, authorizing up to $75 million in common stock buybacks. This program was set to expire on December 31, 2023.
• An officer of Merchants Capital, Michael R. Dury, purchased 15,500 shares of Merchants Bancorp common stock for approximately $490,420 on October 30, 2025.

Share Issuance

• In November 2024, Merchants Bancorp completed a public offering of 9,200,000 depositary shares for its 7.625% Fixed Rate Series E Non-Cumulative Perpetual Preferred Stock, generating net proceeds of approximately $222.8 million. These proceeds were intended to redeem Series B preferred stock and support balance sheet growth.
• In May 2024, the company announced the pricing of an underwritten public offering of 2,400,000 shares of common stock at $43.00 per share, with expected net proceeds of approximately $98.04 million. The proceeds were designated for general corporate purposes, including supporting the bank's balance sheet growth.
• On January 2, 2025, Merchants Bancorp redeemed all outstanding shares of its Series B Preferred Stock for approximately $125.0 million.

Capital Expenditures

• Information regarding specific dollar values of capital expenditures for Merchants Bancorp over the last 3-5 years was not readily available in the provided search results.