History
More than 30 years of excellence...and growing.
Co-founders Michael Petrie and Randall Rogers first met decades ago as coworkers at one of the largest banks in Indianapolis at that time. Petrie had always enjoyed lending to multifamily projects throughout the Midwest and wanted to start his own business with that focus. In 1990, Rogers asked to join Petrie in his new endeavor, and Merchants Capital (formerly PR Mortgage and Investments) was born. In 2002, the company looked to expand into personal banking. After meeting with a smaller bank to acquire, the two founded Merchants Bank, a community bank that today covers residential mortgage banking, personal and business banking, Small Business Lending (SBA), agricultural lending, multifamily finance, and mortgage warehouse financing from its six Indiana locations. The company remained a family-owned business until its public offering in 2017. With exponential growth comes capital constraints and liquidity challenges, but MBI completed several successful capital raises to keep up with funding demands while gaining consistent recognition for industry performance.
1990
Company Founded
Petrie and Rogers partnered to begin a new endeavor, and Merchants Capital (formerly PR Mortgage and Investments) was born.
2002
Acquisition of
Greensfork Township State Bank
Petrie and Rogers, looking to expand into personal banking, acquired a small Indiana community bank in Greensfork Township.
2009
Acquisition of Symphony Bank / Rebrand to Merchants Bank of Indiana
Further expansion of retail banking operations into central Indiana, the company acquired Symphony Bank in Indianapolis and rebranded both Greensfork Township State Bank and Symphony Bank to Merchants Bank of Indiana.
2009
Mortgage Warehouse Line of Business Begins
At a time when many lenders were exiting the Mortgage Warehouse business, Merchants Bank of Indiana leaned in to serve the financing needs of independent mortgage bankers. Today, Merchants Bank of Indiana has grown to be one of the top five mortgage warehouse lenders in the country.
2014
Merchants Mortgage Launches Providing Consumer Mortgages
Merchants Mortgage began as a branded division of Merchants Bank providing full service single-family mortgage origination and servicing. Today, Merchants Mortgage is both a retail and correspondent mortgage lender offering agency eligible, jumbo fixed and hybrid adjustable-rate mortgages for purchase or refinancing of single-family residences.Â
2017
Public Offering – Nasdaq Listed (MBIN)
After 27 years as a family-owned business, the company completed an initial public offering of Merchants Bancorp common stock on the Nasdaq stock exchange to support further expansion and growth.
2018
Acquisition of Joy State Bank/Farmers-Merchants National Bank of Paxton
Merchants Bancorp, parent company of Merchants Bank of Indiana acquired Joy State Bank and Farmers-Merchants National Bank of Paxton, both Illinois chartered banks. Upon completion of both acquisitions, the banks were rebranded to Farmers-Merchants Bank of Illinois as a continuation of our growth strategy into new markets in Illinois.Â
2018
Expansion of Mortgage Warehouse Operations
With continued growth in Mortgage Warehouse Lending, the company opened a new production office in Mt. Laurel, NJ followed soon after with the acquisition of NattyMac, LLC, a warehouse lender that operates from our Clearwater, Florida office.Â
2019
SBA Lending in Illinois and Indiana
To broaden our services to small business owners, the company added a new team of SBA originators, located in Illinois and Indiana, while expanding into Ohio and Texas. We open a new regional office in Chicago that houses several business lines including SBA Lending, Merchants Capital, and single-family mortgage.
2019
New Corporate Headquarters in Carmel, Indiana
As part of the company’s commitment to long-term and sustainable growth, Merchants Bank of Indiana opened its new 120,000-square foot headquarters building in Carmel, Indiana. Joining the celebration was our newly re-introduced frog mascot named Hopper.
2020
New Richmond, Indiana Location
Located in the heart of downtown Richmond, the company celebrated the opening of its newest full-service banking center in Indiana providing an array of consumer and commercial products and services.
2022
New Lynn, Indiana Location
The company celebrated our newly renovated and relocated branch in Lynn, Indiana.
