Merchants Bancorp Subsidiary Rebrands
A subsidiary of Carmel-based Merchants Bancorp (Nasdaq: MBIN), along with the firm it acquired in December 2017, have rebranded under one banner. PR Mortgage & Investments and RICHMAC Funding LLC will now be known as Merchants Capital.
Merchants Capital says the new name "renews and elevates the company's commitment to providing and servicing multifamily, senior and student housing." The company says it will continue to offer all existing financial services, while investing further in brand unity and support for clients.
"We are very proud of our unique expertise that marries the services of a bank with those of a mortgage company, as well as the market momentum and position we’ve created nationally," Michael Petrie, co-founder of Merchants Capital, said in a news release. "As our company continues to grow and evolve, we decided it was time for an exciting change, building on the existing Merchants brand recognition and merit."
Merchants Capital says as of September 30, it has generated $1.8 billion in new loan production. The company says the rebrand will not affect any existing loans or delay any current or future loans.
Meanwhile, parent Merchants Bancorp is reporting third quarter net income of $16.7 million, up from $10.5 million during the same period last year. You can connect to the full earnings report by clicking here.