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Medallion Financial Corp.
4 min read
SALT LAKE CITY, Sept. 23, 2026 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBNKO), an FDIC-insured bank providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners, announced today that it has priced a public offering of 2,200,000 additional shares of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, par value $1.00 per share, with a liquidation amount of $25 per share (the “Series G Preferred Stock”) and an aggregate liquidation amount of $55,000,000. The offering is a reopening of Medallion Bank’s original issuance of its Series G Preferred Stock, which occurred on May 22, 2025.
Dividends will accrue on the liquidation amount of $25 per share of the Series G Preferred Stock at a fixed rate per annum equal to (i) 9.00% from the original issue date of the Series G Preferred Stock to, but excluding, July 1, 2030, and (ii) from and including July 1, 2030, at a rate equal to the five-year U.S. Treasury rate plus 4.94% per annum. Dividends will be payable in arrears on January 1, April 1, July 1 and October 1 of each year. In each case, dividends will be paid only when, as and if declared by the board of directors of Medallion Bank (or a duly authorized committee of the board) and to the extent Medallion Bank has legally available funds to pay dividends. Because the original issue date of the shares being offered will occur after the record date for the next Series G Preferred Stock dividend payment date on October 1, 2026, dividends on the offered shares, if declared, will accrue from October 1, 2026, and will be payable commencing on January 1, 2027.
Medallion Bank’s Series G Preferred Stock is traded on the Nasdaq Capital Market under the ticker symbol “MBNKO.” The underwriters have also been granted a 30-day option to purchase up to an additional 330,000 shares of the Series G Preferred Stock solely to cover over-allotments, if any. Medallion Bank will remain a wholly owned subsidiary of Medallion Financial upon completion of the offering.
Medallion Bank intends to use the net proceeds from this offering for general corporate purposes, which may include, among other things, redeeming some or all of its outstanding Senior Series E Non-Cumulative Perpetual Preferred Stock (the “Series E Preferred Stock”), subject to the prior approval of the Federal Deposit Insurance Corporation. The offering is expected to close on September 30, 2026, subject to customary closing conditions.
