<SEC-DOCUMENT>0001179110-17-014425.txt : 20171121
<SEC-HEADER>0001179110-17-014425.hdr.sgml : 20171121
<ACCEPTANCE-DATETIME>20171121163812
ACCESSION NUMBER:		0001179110-17-014425
CONFORMED SUBMISSION TYPE:	3/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20171026
FILED AS OF DATE:		20171121
DATE AS OF CHANGE:		20171121

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Dury Michael R.
		CENTRAL INDEX KEY:			0001718356

	FILING VALUES:
		FORM TYPE:		3/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38258
		FILM NUMBER:		171217313

	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
		FISCAL YEAR END:			1231

	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>3/A
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 3/A -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3/A</documentType>

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

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

    <noSecuritiesOwned>0</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001718356</rptOwnerCik>
            <rptOwnerName>Dury Michael R.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>11555 N MERIDIAN ST, SUITE 400</rptOwnerStreet1>
            <rptOwnerStreet2></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>Executive VP, COO (A)</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>8% Non-Cumulative, Perpetual Preferred Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>300</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Shares of  8% Non-Cumulative, Perpetual Preferred Stock, which are not traded, do not have conversion rights and do not have voting rights, except in certain instances, were inadvertently omitted from the original Form 3 filed on behalf of reporting person.</footnote>
    </footnotes>

    <remarks>(A) Executive Vice President and Chief Operating Officer of  P/R Mortgage and Investment Corp.</remarks>

    <ownerSignature>
        <signatureName>/s/ Brian J. Sullivan, attorney-in-fact</signatureName>
        <signatureDate>2017-11-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
