Merchants Bancorp appoints new Chief Accounting Officer

CARMEL, IN—Merchants Bancorp (NASDAQ:MBIN), a commercial bank headquartered in Indiana with a market capitalization of $1.79 billion, has announced the appointment of Darin Thomas as its new Chief Accounting Officer, effective as of March 17, 2025. The announcement came through a regulatory filing with the Securities and Exchange Commission on Thursday. The bank, which has maintained strong profitability with a return on equity of 20%, has demonstrated consistent financial performance according to InvestingPro data.

Thomas, 57, brings extensive experience in financial management to the role, having previously served as Controller at Barclays’ United States Consumer Bank from 2019 to 2025. He holds a Bachelor of Science in Accounting from the University of Missouri-Columbia and is a licensed Certified Public Accountant.

As Chief Accounting Officer, Thomas will take over the principal accounting officer duties from Sean A. Sievers, the company’s Chief Financial Officer. This strategic move is expected to further strengthen the company’s accounting and financial reporting processes.

The company clarified that there are no familial ties between Thomas and any current directors or executive officers of Merchants Bancorp. Additionally, there are no material transactions involving Thomas that would require disclosure under SEC regulations, nor are there any agreements or understandings between Thomas and any other persons related to his appointment.

Merchants Bancorp operates within the financial services industry and is recognized under the Standard Industrial Classification as a state commercial bank. The company’s shares are publicly traded on the NASDAQ stock market under various symbols, including MBIN for its common stock and MBINN, MBINM, and MBINL for its depositary shares. Trading at a P/E ratio of 6.2, the stock appears undervalued according to InvestingPro analysis, which has identified 10+ additional investment insights available to subscribers.

This appointment reflects Merchants Bancorp’s ongoing commitment to maintaining robust financial oversight and reporting practices. With revenue growth of 23.7% in the last twelve months and a track record of raising dividends for eight consecutive years, the bank continues to demonstrate strong financial management. The information disclosed in this article is based on the company’s recent SEC filing and InvestingPro data, which provides comprehensive financial analysis and real-time insights for investors.

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