Gresham, OR (PRWEB) May 24, 2014
Gresham, Oregon based Merchants Bancorp, the holding company for MBank, announces it has raised additional capital through the sale of preferred stock. The 2.2 million dollars raised will be used to pay interest on debt and to increase the capital of MBank.
Merchants Bancorp Chairman Stan Morris said, “From the day we went to market, subscriptions for the capital raise took less than two weeks to complete with the investments coming primarily from existing shareholders. It’s not only remarkable to see the outpouring of support for MBank, but to also realize the appetite to invest in our company.”
“The capital raise brings MBank much closer to the 10% capital requirement of our regulators,” said MBank CEO Jef Baker, “we’re now above an 8% leverage ratio and clearly focused on completing all of the steps that will mark a complete return to financial stability in the aftermath of the mortgage crisis and the recession.”
MBank achieved an earnings turnaround and a return to profitability in 2013. A profit has been posted in every quarter since the 1st quarter of 2013.
MBank, an equal housing lender, FDIC member institution, is headquartered in Gresham, Oregon and has offices in Gresham, Gladstone, Lake Grove and in Portland at 9415 SE Stark Street.
The Company's forward-looking statements are based on management's current expectations and assumptions regarding the Company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. The Company's actual results may vary materially from those expressed or implied in its forward-looking statements.
Media Contact: John Marler 503.997.8610