Merchants Bancorp in Carmel, Ind., is planning an initial public offering that could raise $115 million.

The $3.1 billion-asset parent of Merchants Bank of Indiana did not disclose the number of shares it plans to sell.

The company said in its shelf registration that about $6 million of the proceeds would be used to help fund its proposed purchase of Joy State Bank in Illinois.

“Our management will retain broad discretion to allocate the net proceeds of this offering,” the filing said. “The precise amounts and timing of our use of the proceeds will depend upon market conditions, among other factors.”

Merchants is one of several financial institutions that have announced IPOs this year. Esquire Financial in New York state, Byline Bancorp in Chicago, Cadence Bancorp in Houston and RBB Bancorp in Los Angeles have also made plans to go public recently.

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Allison Prang

Allison Prang

Allison Prang is a reporter for American Banker, where she writes about community banks.