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Merchants Bancorp 6.00% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock

Coupon is fixed until 10/1/2024 at 6.00% after which it begins to float at a rate of 3 month Libor plus a spread of 4.569%

May only be redeemed on a dividend payment date

Ticker: MBINO

Parent Ticker: MBIN

OTC Grey Market Temporary Ticker: MCSBL

Issuance Date: 08/12/2019

1st Call Date: 10/01/2024

Maturity Date: None

Shares Issued: 5,000,000

Overallotment Shares: 0

Coupon: 6.00%

Face Value: $25.00

Cumulative: No

Qualified: Yes

Quarterly Dividend Amount: 0.375

Payment Months: JAN, APR, JUL, OCT

Payment Day: 1

S&P Rating: NR

III Rating (In Regards to Dividend Safety Only): C

Moody Rating: NR

Fitch Rating: NR