Merchants Bancorp (MBIN) Director Michael S. Curless Receives Award

What Happened

• Michael S. Curless, a director of Merchants Bancorp (MBIN), received 328 shares on 2026-08-20 as an equity award (transaction code A). The shares were valued at $53.50 each, for a total grant value of $17,548.
• This was an equity retainer award (compensation), not an open-market purchase or sale.

Key Details

• Transaction date and price: 2026-08-20 — 328 shares at $53.50 per share (total $17,548).
• Shares owned after transaction: Not disclosed in the Form 4 provided.
• Footnote: The award represents the equity portion of Curless’s quarterly director retainer. The share count was determined by dividing the dollar value of the equity portion by the prior trading-day closing price and rounding up to the next whole share.
• Filing timeliness: Form filed 2026-08-24 for an 2026-08-20 transaction (filed 4 days after the transaction). This appears later than the SEC’s typical 2-business-day Form 4 deadline.

Context

• Director retainer awards are routine compensation and do not necessarily signal a change in the director’s view of the company. This was a grant of shares as compensation rather than an outright purchase or sale in the market.