A Form 4 filed on August 21, 2026, reports that Mark E. Shaffer, a director of Merchants Bancorp, acquired 328 shares of common stock on August 20, 2026, as the equity portion of his quarterly board retainer.

Key Highlights

  • Reporting person: Mark E. Shaffer, identified as a director of Merchants Bancorp.
  • Transaction date: August 20, 2026, with 328 shares of common stock acquired (transaction code A).
  • Price per share: $53.5, described as the closing price of one share on the day immediately prior to the most recent scheduled quarterly board meeting.
  • Purpose of award: The filing states this represents "the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer."
  • Beneficial ownership following transaction: 709 shares of common stock held directly.
  • Share count methodology: The number of shares was determined by dividing the dollar value of the equity portion by the closing price and rounding up to the next whole share, according to the filing.

Merchants Bancorp Director Share Award Details and Ownership Position

According to the filing, Mark E. Shaffer, a director of Merchants Bancorp (NASDAQ:MBIN), received 328 shares of common stock on August 20, 2026, under transaction code A (acquired). The filing discloses that the price used to determine the share count was $53.5 per share, described as the closing price on the day immediately prior to the most recent scheduled quarterly board meeting.

The filing's footnote explains that the number of shares awarded was calculated by dividing the dollar value of the equity portion of the quarterly retainer by that closing price, then rounding up to the next whole share. No cash consideration from Shaffer is indicated; the award is characterized as director compensation rather than an open-market purchase.

Following the reported transaction, Shaffer beneficially owned 709 shares of Merchants Bancorp common stock, held directly. No derivative securities transactions were reported in Table II of the filing. The Form 4 was signed by Terry A. Oznick as attorney-in-fact and dated August 21, 2026.

What Was Disclosed

The filing reports a single acquisition of 328 shares of Merchants Bancorp common stock by director Mark E. Shaffer on August 20, 2026, at $53.5 per share as a quarterly equity retainer, bringing his total direct beneficial ownership to 709 shares.