MERCHANTS BANCORP

410 Monon Blvd.

Carmel, Indiana 46032

August 15, 2022

VIA EDGAR

Jessica Livingston

Securities and Exchange Commission

Division of Corporation Finance

100 F Street, N.E.

Washington, D.C. 20549

Re: Merchants Bancorp

Registration Statement on Form S-3

File No. 333-266672

Request for Acceleration

Dear Ms. Livingston:

Pursuant to Rule 461 promulgated under the Securities Act of 1933, as amended, the undersigned, on behalf of Merchants Bancorp, hereby respectfully requests that the effective date of the above-referenced Registration Statement on Form S-3 filed with the Securities and Exchange Commission, be accelerated to 4:00 p.m. Eastern Time, on August 17, 2022, or as soon thereafter as practicable.

Please contact Michael J. Messaglia of Krieg DeVault LLP at (317) 238-6249 or mmessaglia@kdlegal.com with any questions you may have concerning this request. In addition, please notify Mr. Messaglia when this request for acceleration has been granted.

Thank you for your consideration in this matter.

Respectfully,

/s/ Terry A. Oznick

Terry A. Oznick

General Counsel and Secretary

cc: Michael J. Messaglia, Esq.