<SEC-DOCUMENT>0001179110-17-013581.txt : 20171031
<SEC-HEADER>0001179110-17-013581.hdr.sgml : 20171031
<ACCEPTANCE-DATETIME>20171031161002
ACCESSION NUMBER:		0001179110-17-013581
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20171026
FILED AS OF DATE:		20171031
DATE AS OF CHANGE:		20171031

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Belser Richard L.
		CENTRAL INDEX KEY:			0001718507

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38258
		FILM NUMBER:		171165822

	MAIL ADDRESS:	
		STREET 1:		11555 NORTH MERIDIAN STREET, SUITE 400
		CITY:			CARMEL
		STATE:			IN
		ZIP:			46032

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Merchants Bancorp
		CENTRAL INDEX KEY:			0001629019
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				205747400
		STATE OF INCORPORATION:			IN

	BUSINESS ADDRESS:	
		STREET 1:		11555 NORTH MERIDIAN ST., SUITE 400
		CITY:			CARMEL
		STATE:			IN
		ZIP:			46032
		BUSINESS PHONE:		317-569-7420

	MAIL ADDRESS:	
		STREET 1:		11555 NORTH MERIDIAN ST., SUITE 400
		CITY:			CARMEL
		STATE:			IN
		ZIP:			46032
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4/A -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2017-10-26</periodOfReport>

    <dateOfOriginalSubmission>2017-10-26</dateOfOriginalSubmission>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001629019</issuerCik>
        <issuerName>Merchants Bancorp</issuerName>
        <issuerTradingSymbol>MBIN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001718507</rptOwnerCik>
            <rptOwnerName>Belser Richard L.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>11555 NORTH MERIDIAN STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 400</rptOwnerStreet2>
            <rptOwnerCity>CARMEL</rptOwnerCity>
            <rptOwnerState>IN</rptOwnerState>
            <rptOwnerZipCode>46032</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Senior Vice President (A)</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2017-10-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>0</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">On October 26, 2017, a Form 4 reporting a purchase of one share of common stock, which had not occurred, was inadvertently filed on behalf of the reporting person.  As of October 31, 2017, the reporting person beneficially owned no securities of the issuer.</footnote>
    </footnotes>

    <remarks>(A) Senior Vice President and Senior Credit Officer of Merchants Bank</remarks>

    <ownerSignature>
        <signatureName>/s/ Brian J. Sullivan, attorney-in-fact</signatureName>
        <signatureDate>2017-10-31</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
