CARMEL - Carmel-based Merchants Bancorp (Nasdaq: MBIN) has cut the ribbon on its $25 million headquarters in the city's Midtown. In addition to housing the executive offices and mortgage operations of the bank, the five-story, 120,000-square-foot building also includes 8,000 square feet of retail space and 24,000 square feet of leasable office space.

Chairman and Chief Executive Officer Mike Petrie says the design of the building "reinvigorates" the bank's mission to further attract and retain new employees as it continues to grow throughout the state. Some of the amenities for employees include gathering areas with large TVs, standing desks, full locker rooms with showers and access to the Monon Trail.

In an interview with Inside INdiana Business Reporter Mary-Rachel Redman, Petrie said employees were the inspiration for the building.

"The whole thing is for our employees," said Petrie. "We've been a 'Best Place to Work in Indiana' for four years in a row and what we wanted for our employees that do such a great job for us is a great place for them to work and that's what this is because before, we had our employees at three different locations and it was tough for them to have to keep moving around, driving for meetings. Now we're all in one location so it's going to be a better place for them."

Carmel Mayor Jim Brainard says the city's strategy of investing in the infrastructure in the Midtown redevelopment district continues to pay off with thew new Merchants HQ.

"This is a good illustration of why Merchants Bank wanted to be here," said Brainard. "The city's investment in amenities in this area has been able to leverage hundreds of millions of dollar of private sector capital to help build our new downtown here in what used to be a car suburb. We have a line of people that want to talk to us about locating their headquarters in this area. I wish we had more space, quite honestly."

The opening of the new headquarters comes nearly two years after Merchants became a publicly-traded company. Since that time, the bank and its subsidiaries have made several acquisitions, including a deal for Illinois-based Joy State Bank.