Merchants Bancorp announces leadership changes
CARMEL, Ind. (Inside INdiana Business) – Carmel-based Merchants Bancorp (NASDAQ: MBIN), the parent company of Merchants Bank of Indiana and Merchants Capital Corp., has announced changes to its subsidiaries’ executive team. The company has promoted Michael Dunlap to chief executive officer of Merchants Bank, Michael Dury to CEO of Merchants Capital and named Mathew Wambua vice chairman of Merchants Capital.
Merchants Bancorp Co-Founder Michael Petrie will continue to serve as chairman and CEO of Merchants Bancorp and Chairman of Merchants Bank, however Dunlap will succeed him as CEO of Merchants Bank and Chairman of Merchants Capital.
Dunlap will continue serving as president of Merchants Bank and as president and chief operating officer of Merchants Bancorp.
Dury, who has been with Merchants Capital since 2007, will also succeed Petrie as CEO of Merchants Capital. He will retain his role as president of Merchants Capital.
“Having had the pleasure to work alongside Mike Dunlap and Mike Dury for more than a decade, I can tell you there is no one more fit to lead Merchants into the future,” said Petrie. “Promoting these talented executives from within sets us up for additional growth and ensures continued strong performance across our existing portfolio of clients nationwide. I am confident they will continue to help drive our strategy and growth in these expanded roles for years to come.”
Wambua, who was promoted to vice chairman of Merchants Capital, has served as executive vice president and head of agency lending since joining Merchants Capital in 2017.
Wambua previously served as the commissioner of the New York City Department of Housing Preservation and Development.
“Mr. Wambua has played a critical role in our success helping to catapult Merchants Capital to one of the top affordable housing lenders in the country,” said Petrie. “Our company is very proud of Mr. Wambua’s continued commitment to the advancement of affordable housing and strong community involvement. This promotion speaks to the strength and excellence Mr. Wambua brings to our organization, leading the charge into new business opportunities.”