Merchants Bancorp — Director's Dealing 2019

May 20, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Merchants Bancorp (MBIN)
CIK: 0001629019
Period of Report: 2019-05-16

Reporting Person: JUSTER ANDREW (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-05-16	Common Stock	A	455	$22.02	Acquired	10455	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
8 % Non-Cumulative, Perpetual Preferred Stock	750	Direct

Footnotes

F1: This award represents the equity portion of the Reporting Person's retainer for service as a director of the Issuer. The number of shares represented by this award was determined by dividing the dollar value of the equity portion by the price shown, which is the closing price of one share of the Issuer's Common Stock on the day immediately prior to the Reporting Person's election to the Board of Directors.