Michael J. Dunlap, the President and COO of Merchants Bancorp, has reported a transaction involving the disposal of 3,700 shares of common stock. This event is significant as it showcases the ongoing changes in ownership among executives in the banking industry.

Merchants Bancorp, a state commercial bank, is based in Carmel, Indiana. The company operates under the Central Index Key (CIK) number 0001629019. It is publicly traded under the ticker symbol MBIN.

According to the recent SEC filing, dated November 3, 2026, Dunlap's transaction occurred on October 30, 2026. The filing states, "transaction code G" indicating a disposal of shares. Following this transaction, Dunlap retains ownership of 208,496 shares, which includes 45,382 unvested restricted stock units that do not confer voting rights or dividends until vested.

This filing may affect stakeholders within Merchants Bancorp and the broader banking sector, as executive ownership changes can influence investor confidence and market perceptions. The filing notes that Dunlap's unvested restricted stock units will vest in stages over the next few years.

The filing does not say what happens next.

In addition to his role as President and COO, Michael J. Dunlap is also identified as a director of Merchants Bancorp, further solidifying his influence within the company. His address is listed as 410 Monon Blvd, Carmel, IN 46032, which is also the business address for Merchants Bancorp.

The SEC filing indicates that the transaction was executed without any associated transaction price, as the transaction price per share is noted as $0.00. This detail suggests that the shares were disposed of in a manner that did not involve a cash exchange, which may be relevant for understanding the nature of the transaction.

Furthermore, the filing specifies that Dunlap's unvested restricted stock units have staggered vesting dates, with 25,160 units set to vest on February 1, 2027, followed by 13,538 units on February 1, 2028, and 6,684 units on February 1, 2029. This structured vesting schedule may impact his future ownership and potential voting power within the company.

Lastly, the filing was signed by Terry A. Oznick, acting as attorney-in-fact for Dunlap, which is a common practice for executives who may not be able to file personally.