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Carmel-based Merchants Bank on Monday announced the hiring of a new chief financial officer: Sean Sievers, a banking executive who has worked for some of the nation’s largest banks and mortgage lenders.
Sievers succeeds John Macke, 59, who announced in March that he plans to retire. Sievers will share responsibilities with Macke until Macke officially retires at the end of September.
Prior to joining Merchants Bank, Sievers, 57, was the CFO at Chicago-based mortgage lender Guaranteed Rate Inc., which now does business as Rate following a July rebranding. Rate is the nation’s ninth largest residential mortgage lender, with $21.7 billion in originations in 2023, according to Scotsman Guide, which tracks the mortgage industry.
Before his time with Rate, Sievers held CFO roles for New York City-based Citigroup Inc.’s global mortgage business; for the internet bank and retail origination team at Calabasas, California-based Countrywide Financial, which is now part of Charlotte, North Carolina-based Bank of America Corp.; and at the consumer banking division of Atlanta, Georgia-based SunTrust Banks Inc., which merged with Winston-Salem, North Carolina-based BB&T Corp. in 2019 and now operates as Charlotte-based Truist Financial Corp.
Sievers’s work history also includes time spent as a senior director at the Tysons, Virginia Federal Home Loan Mortgage Corp., commonly known as Freddie Mac.
“Each of these experiences has equipped Sean with the skills and insights necessary to support our unique business model and future growth plans,” Merchants Bank President and CEO Michael Dunlap said in a written statement. “Sean brings a wealth of experience that will be invaluable as we continue to grow and execute our strategic vision.”
Merchants Bank is one of several subsidiaries of Carmel-based Merchants Bancorp, which has $18.2 billion in assets. Through its subsidiaries, Merchants Bancorp offers multifamily housing and health care facility mortgage financing and servicing; mortgage warehouse financing; retail and residential mortgage banking; agricultural lending; and traditional community banking.
Construction is underway near 3rd Avenue SW and Industrial Drive in Carmel on a 111,000-square-foot building that will house Merchants Bank HQ2. The five-story building, which should be completed next year, will primarily house Merchants Capital Corp.—a division of Merchants Bancorp that provides financing with a focus on market rate and affordable multifamily housing.
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