POWER OF ATTORNEY

      Know  all  by  these presents, that the undersigned hereby constitutes and
appoints each of Michael F. Petrie, John F. Macke, and Brian J. Sullivan, acting
singly  and  with  full power of substitution, the undersigned's true and lawful
attorney-in-fact to:

      1.  prepare,  execute  in  the undersigned's name and on the undersigned's
behalf,  and submit to the United States Securities and Exchange Commission (the
"SEC")  a  Form  ID,  Uniform  Application for Access Codes to File on EDGAR, if
necessary,  and  any  other  documents necessary or appropriate to obtain codes,
passwords,  or anything similar, as applicable, enabling the undersigned to make
electronic  filings  with  the  SEC  of reports required by Section 16(a) of the
Securities  Exchange Act of 1934, as amended (the "Exchange Act") or any rule or
regulation of the SEC;

      2.  execute  for  and  on  behalf of the undersigned, in the undersigned's
capacity  as  an  officer  and/or director of Merchants Bancorp (the "Company"),
Forms  3,  4 and 5 (and any amendments thereto) in accordance with Section 16(a)
of  the  Exchange  Act  and  the rules and regulations thereunder, and any other
forms  or reports the undersigned may be required to file in connection with the
undersigned's  ownership,  acquisition,  or  disposition  of  securities  of the
Company;

      3.  do  and  perform any and all acts for and on behalf of the undersigned
which may be necessary or desirable to complete and execute any such Forms 3, 4,
or  5,  Form  ID, or other form or report, or any amendments thereto, and timely
file  such  form  or  report  with  the  SEC  and  any stock exchange or similar
authority; and

      4.  take  any  other action in connection with the foregoing which, in the
opinion of such attorney-in-fact, may be of benefit to, in the best interest of,
or  legally  required  by  or for, the undersigned, it being understood that the
documents  executed  by  such  attorney-in-fact  on  behalf  of  the undersigned
pursuant  to this Power of Attorney shall be in such form and shall contain such
information,  disclosures,  terms,  and  conditions as such attorney-in-fact may
approve in such attorney-in-fact's discretion.

      The undersigned hereby grants to each such attorney-in-fact full power and
authority  to  do  and  perform any and every act and thing whatsoever required,
necessary  or  proper to be done in the exercise of any of the rights and powers
herein granted, as fully to all intents and purposes as the undersigned might or
could  do  if personally present, with full power of substitution or revocation,
hereby  ratifying  and  confirming  all  that  such  attorneys-in-fact,  or such
attorney-in-fact's  substitute  or substitutes, shall lawfully do or cause to be
done  by  virtue  of  this  Power  of  Attorney and the rights and powers herein
granted.

      The  undersigned  acknowledges  that  the  foregoing attorneys-in-fact, in
serving  in  such  capacity at the request and on the behalf of the undersigned,
are  not  assuming,  nor  is  the  Company  assuming,  any  of the undersigned's
responsibilities  to  comply  with,  or  any liability for the failure to comply
with, any provision of Section 16 of the Exchange Act.

      This  Power  of  Attorney  shall remain in full force and effect until the
undersigned  is  no  longer required to file Forms 3, 4 or 5 with respect to the
undersigned's  holdings of and transactions in securities issued by the Company,
unless  earlier revoked by the undersigned in a signed writing delivered to each
of the foregoing attorneys-in-fact.



      IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney as
of this 13 day of October, 2017.


							/s/Richard L. Belser
						      _____________________
                                                      Signature



                                                      Richard L. Belser
                                                      _____________________
						      Printed Name