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Carmel-based Merchants Bancorp is shuffling its executive team with several promotions that change top leadership at two of its subsidiaries, it announced Thursday.
Michael Dunlap has been promoted to CEO of Merchants Bank and chairman of Merchants Capital, assuming the positions from Michael Petrie. Petrie will remain as chairman and CEO of Merchants Bancorp and chairman of Merchants Bank—positions he has held since 2006.
Dunlap will also continue to serve as president of Merchants Bank and chief operating officer of Merchants Bancorp.
Michael Dury has been promoted to CEO of Merchants Capital, assuming the position from Petrie. Dury will continue as president of Merchants Capital.
The changes are effective immediately.
“Having had the pleasure to work alongside Mike Dunlap and Mike Dury for more than a decade, I can tell you there is no one more fit to lead Merchants into the future,” Petrie said in written remarks. “Promoting these talented executives from within sets us up for additional growth and ensures continued strong performance across our existing portfolio of clients nationwide.”
Additionally, Mathew Wambua was promoted to vice chairman of Merchants Capital. Wambua has been executive vice president and head of Agency Lending since joining Merchants Capital in 2017.
Merchants is the second-largest banking institution based in the Indianapolis area in terms of local deposits, behind the National Bank of Indianapolis.
The company had $6.3 billion in assets and $5.5 billion in deposits as of Sept. 30.
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