Michael R. Dury, CEO of Merchants Capital at Merchants Bancorp (NASDAQ:MBIN), filed a Form 4 on November 6, 2026, disclosing a disposition of 9,500 shares of common stock on November 5, 2026, via a gift transaction at $0.00.

Key Highlights

  • Transaction type: Dury disposed of 9,500 shares of Merchants Bancorp common stock with a transaction code of "G" (gift) at a price of $0.00 on November 5, 2026.
  • Direct ownership after transaction: Following the disposition, Dury directly holds 111,202 shares of common stock, according to the filing.
  • Indirect holding: The filing also reports 18,200 shares held indirectly through the Michael R. Dury GRAT - 2023, for which Dury serves as trustee.
  • Preferred holdings: Dury directly holds 26,000 Series C Depositary Shares and 4,000 Series D Depositary Shares, as reported in Table I.
  • Unvested RSUs included: The 111,202 direct share total includes 6,607 unvested restricted stock units, with 4,829 vesting on February 1, 2027, and 1,778 vesting on February 1, 2028.

Michael R. Dury's November 2026 Gift Transaction and Beneficial Ownership at Merchants Bancorp

According to the Form 4 filed with the SEC on November 6, 2026, Michael R. Dury, identified as CEO of Merchants Capital and an officer of Merchants Bancorp (NASDAQ:MBIN), disposed of 9,500 shares of common stock on November 5, 2026. The transaction was coded "G," indicating a gift, and the recorded price was $0.00. The filing was signed by Terry A. Oznick as attorney-in-fact on behalf of Dury.

Following the reported transaction, the filing states that Dury directly owns 111,202 shares of Merchants Bancorp common stock. The filing notes in Explanation of Responses that this total includes 6,607 unvested restricted stock units for which Dury "does not have voting rights or receive dividends until vested and shares are issued." Of those RSUs, 4,829 are scheduled to vest on February 1, 2027, and 1,778 are scheduled to vest on February 1, 2028.

In addition to direct common stock holdings, the filing reports 18,200 shares held indirectly through the Michael R. Dury GRAT - 2023, with Dury listed as trustee. The filing also discloses direct beneficial ownership of 26,000 Series C Depositary Shares and 4,000 Series D Depositary Shares. No derivative securities transactions were reported in Table II of the filing.

What Was Disclosed

The filing disclosed a gift disposition of 9,500 common shares at $0.00 by Merchants Bancorp officer Michael R. Dury on November 5, 2026, with post-transaction direct ownership of 111,202 shares, indirect ownership of 18,200 shares via a GRAT, and direct holdings of preferred depositary shares.