Medallion Bank announced the pricing of a public offering of 2.2 million additional shares of its 9.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, at a liquidation preference of $25 per share, raising an aggregate $55 million. The transaction represents a reopening of Medallion Bank's initial Series G Preferred Stock issuance from May 22, 2025, and the shares will trade on the Nasdaq Capital Market under the ticker symbol MBNKO. The underwriters have been granted a 30-day option to purchase up to an additional 330 thousand shares to cover over-allotments. Dividends on the Series G shares are set at a fixed annual rate of 9.00% until July 1, 2030, then adjust to the five-year U.S. Treasury rate plus 4.94% per year, with payments made quarterly starting October 1, 2026. Medallion Bank intends to use the net proceeds for general corporate purposes, which may include redeeming some or all of its outstanding Senior Series E Non-Cumulative Perpetual Preferred Stock, subject to Federal Deposit Insurance Corporation approval, and the offering is expected to close on September 30, 2026. Upon completion, Medallion Bank will remain a wholly owned subsidiary of Medallion Financial Corp.
Medallion Financial CorpMedallion Bank, a wholly owned subsidiary of Medallion Financial Corp, prices a $55M preferred stock reopening, a financing event for the parent's subsidiary.
