Not independent
Tenure on this board
20.5 yrs
Meeting calendar
MBIN · Annual meeting · Thursday, May 21, 2026
Merchants Bancorp
12 nominees · 3 ballot items.
Election of 12 directors; non-binding advisory (say-on-pay) vote to approve NEO compensation; ratification of Forvis Mazars, LLP as independent registered public accounting firm.
Market cap
$2.3B
1Y TSR
+44.1%
Board grade
B+
Record date
Mar 20, 2026
Filing
DEF 14A
Meeting concluded · May 21, 2026
Follow how the vote landed and what changed on Merchants Bancorp’s board — director track records, governance grades, and ongoing monitoring — on the Boardroom Alpha platform.
Proposals
On the ballot3
- 1
Election of Directors
ManagementBoard: FORElect twelve directors to the Board to serve until the 2027 annual meeting and until successors are elected and qualified.
- 2
Non-binding, Advisory Vote on Executive Compensation (Say-on-Pay
ManagementBoard: FORA non-binding, advisory vote to approve the compensation of the Company’s Named Executive Officers as disclosed in the proxy statement.
More detail
This is a management-sponsored non-binding advisory proposal asking shareholders to approve the compensation of the company’s named executive officers as disclosed in the proxy statement. Management seeks shareholder endorsement of its pay practices to confirm alignment between executive incentives and shareholder interests; the Compensation Committee has structured pay using revenue, EPS, and return on average equity with vesting and clawback features and used Aon as consultant. The Board recommends a FOR vote, citing the CD&A and compensation tables, emphasizing that the vote will be taken into account in future decisions. The proposal is advisory and not binding, so even if it fails, the Board retains discretion. Context includes the company’s banking regulatory environment (FDIC guidance on excessive compensation), recent performance shortfalls in 2025 due to higher interest rates and loan losses from fraud, and discretionary adjustments the Compensation Committee made (75% awards) to balance reward and accountability; shareholders may weigh these tradeoffs when voting.
- 3
Ratification of Independent Registered Public Accounting Firm
ManagementBoard: FORRatify the appointment of Forvis Mazars, LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2026.
Director elections
Nominees on the ballot12
Independent
Tenure on this board
4.2 yrs
Independent
Tenure on this board
0.2 yrs
Also a director at
Magnera Corp (MAGN)
Independent
Tenure on this board
4.2 yrs
Not independent
Tenure on this board
12.2 yrs
Not independent
Tenure on this board
20.5 yrs
Independent
Tenure on this board
7.2 yrs
Not independent
Tenure on this board
0.2 yrs
Independent
Tenure on this board
12.7 yrs
Not independent
Tenure on this board
8.5 yrs
Independent
Tenure on this board
9.1 yrs
Independent
Tenure on this board
0.2 yrs
Ownership
Latest 13F quarterTop institutional holders10
| # | Owner | % of shares | Shares | Value |
|---|---|---|---|---|
| 1 | Elser Financial Planning, Inc | 58.7% | 26,983,101 | $1.2B |
| 2 | BlackRock, Inc. | 6.5% | 2,967,805 | $127M |
| 3 | DIMENSIONAL FUND ADVISORS LP | 3.6% | 1,663,468 | $71M |
| 4 | Doma Perpetual Capital Management LLCActivist | 2.4% | 1,115,594 | $48M |
| 5 | NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | 2.4% | 1,093,004 | $47M |
| 6 | STATE STREET CORP | 2.3% | 1,034,632 | $45M |
| 7 | VANGUARD CAPITAL MANAGEMENT LLC | 2.2% | 1,000,776 | $43M |
| 8 | BlackRock, Inc. | 1.8% | 831,894 | $36M |
| 9 | AMERICAN CENTURY COMPANIES INC | 1.6% | 742,635 | $32M |
| 10 | GEODE CAPITAL MANAGEMENT, LLC | 1.4% | 625,674 | $27M |
Peers
Nearest market capOther Financial Services sector meetings6
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Reference
Frequently asked questions
- When is the Merchants Bancorp 2026 annual meeting?
- Merchants Bancorp (MBIN) holds its 2026 annual shareholder meeting on Thursday, May 21, 2026.
- What is the record date for the Merchants Bancorp 2026 meeting?
- The record date for the Merchants Bancorp 2026 meeting is Friday, March 20, 2026. Shareholders of record on or before that date are eligible to vote.
- Who are the director nominees for Merchants Bancorp's 2026 meeting?
- The board is presenting 12 director nominees at the Merchants Bancorp 2026 meeting, listed with their independence status and background.
- What proposals will shareholders vote on at the Merchants Bancorp 2026 meeting?
- Shareholders will vote on 3 proposals at the Merchants Bancorp 2026 meeting, each tagged with who proposed it and the board's recommendation.
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