05:00 PM EDT, 05/13/2024 (MT Newswires) -- Merchants Bancorp ( MBIN ) late Monday disclosed plans for a public offering of 2.4 million shares of its common stock, subject to market and other conditions.

The bank holding company also said it will provide underwriters for the deal with a 30-day option to buy additional shares to cover potential overallotments.

Merchants Bancorp ( MBIN ) expects to use net proceeds from the deal for general corporate purposes, including supporting its balance sheet growth.

The bank's stock was sinking more than 9% during after-hours trading, after rising fractionally during Monday's regular session.

Price: 43.00, Change: -4.61, Percent Change: -9.68