CARMEL - Carmel-based Merchants Bancorp has filed a registration statement with the U.S. Securities and Exchange Commission proposing an initial public offering of the bank's stock. A date of the IPO has not been announced, however the parent of Merchants Bank of Indiana says it is looking to raise up to $115 million.

The number of shares that will be offered as well as the price range for the offering have not been determined, according to the bank. Merchants says it plans to list its stock on the Nasdaq Capital Market under the ticker symbol "MBIN."

According to the SEC filing, Merchants plans to use approximately $5.8 million raised from the IPO to complete the acquisition of Illinois-based Joy State Bank.

Merchants had previously agreed to acquire the bank in 2016, however the agreement was amended to allow Merchants Chairman and Chief Executive Officer Michael Petrie and Vice Chairman Randall Rogers to acquire the bank because of "uncertainty" surrounding Merchants' financial position at the time. Merchants says it expects to acquire the bank from Petrie and Rogers in the first quarter of 2018.

Merchants Bancorp was founded in 1990 and, as of June 30, had $3.1 billion in assets. You can read the bank's full registration statement filed with the SEC by clicking here.