X0306 4 2018-02-22 0 0001629019 Merchants Bancorp MBIN 0001719236 Kucer Susan Dehner 11555 N MERIDIAN STREET, SUITE 400 CARMEL IN 46032 0 1 0 0 Indianapolis Market Pres (A) Common Stock 2018-02-22 4 A 0 5013 0 A 6900 D 8% Non-Cumulative, Perpetual Preferred Stock 250 D Grant of restricted stock vests: 560 shares on 2/22/2019; 560 shares on 12/31/2019; and 3,893 shares on 12/31/2020. (A) Indianapolis Market President of Merchants Bank /s/ John Macke, attorney-in-fact 2018-02-26