Medallion Bank (MBNKO) closed a public offering of additional Series G preferred stock with an aggregate liquidation amount of $55 million. The offering comprised 2,200,000 shares with a liquidation amount of $25 per share and priced on September 23, 2026. The preferred stock is fixed-rate reset, non-cumulative and perpetual.
Underwriters received a 30-day option to purchase up to 330,000 additional shares solely to cover over-allotments. The bank intends to use net proceeds for general corporate purposes, potentially including redemption of some or all Series E preferred stock, subject to prior FDIC approval. It remains wholly owned by Medallion Financial.
Medallion Bank (MBNKO) priced an offering of 2.2 million additional Series G preferred shares on September 23, 2026.
The shares have a $25-per-share liquidation amount, or $55 million in aggregate. The annual dividend rate is 9.00% until July 1, 2030, when it resets to the five-year U.S. Treasury rate plus 4.94%. Dividends depend on board declaration and legally available funds. The underwriters have a 30-day option to buy up to 330,000 more shares. Closing is expected September 30, 2026, subject to customary conditions. Medallion Bank intends to use net proceeds for general corporate purposes, potentially including Series E preferred redemptions subject to prior FDIC approval.
Medallion Bank (MBNKO) launched a public offering of additional Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, par value $1.00 and liquidation amount $25 per share, as a reopening of its original May 22, 2025 issuance.
The Series G Preferred Stock trades on the Nasdaq Capital Market under ticker “MBNKO,” and Medallion Bank will remain a wholly owned subsidiary of Medallion Financial upon completion. The bank expects to grant underwriters a 30-day option to purchase additional Series G shares to cover over-allotments. Net proceeds are intended for general corporate purposes, which may include redeeming some or all outstanding Senior Series E Preferred Stock, subject to FDIC approval.