Elser Financial Planning Takes Massive $1.1 Billion Stake in Merchants Bancorp

Elser Financial Planning has disclosed a substantial new position in Merchants Bancorp (MBIN), acquiring 26,983,101 shares during the first quarter of 2026. The transaction, estimated at $1.10 billion based on quarterly average pricing, represents a high-conviction bet on the regional lender. The investment is highly concentrated, accounting for 57.2% of Elser's reportable 13F assets. Both the investment firm and Merchants Bancorp are based in Indiana, suggesting a localized strategic advantage or deep familiarity with the bank's operational footprint. As of April 15, 2026, the position's value grew to $1.18 billion. Merchants Bancorp shares were priced at $46.86, marking a 46.3% increase over the past year and outperforming the S&P 500 by more than 18 percentage points. The bank specializes in multi-family mortgage banking and commercial lending, utilizing government-sponsored mortgage origination and servicing. In February, the company further incentivized shareholders with a 10% increase in its common stock dividend. Despite the rally, the bank trades at 1.3 times book value, slightly above its three-year average of 1.17. This valuation suggests that while the stock is not considered cheap by sector standards, it remains within a reasonable range given its recent performance.