** Raymond James says regional lender Merchants Bancorp's MBIN.O recent perpetual preferred stock offering does not reflect credit stress within its loan portfolio, but rather management's preference to build capital given the continuation of robust balance sheet growth
** MBIN on Monday priced a $230 mln perpetual preferred stock offering selling 9.2 mln depositary shares
** Bank expects to use the proceeds to redeem preferred stock and for general corporate purposes, including to support balance sheet growth
** Brokerage says the refinancing and incremental increase in capital is a component of a fast-growing bank, which it expects to continue
** Offering enhances total capital levels by ~63 basis points, continuing to strengthen capital and providing balance sheet flexibility for growth - Raymond James
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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