Medallion Bank Announces Closing of Series G Preferred Stock Offering
The preferred securities are neither insured nor approved by the FDIC or any other federal or state regulatory body.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
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.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointCompleted Series G capital offering carries a $55 million aggregate liquidation amount. 20% of market cap
Negative
- Major pointIssuance adds 2,200,000 preferred shares with a $25-per-share liquidation amount to the bank’s capital structure.
- Minor point. Forward-looking: it has not happened yet and may not happen.Underwriters’ 30-day option permits up to 330,000 additional preferred shares solely for over-allotments.
- Minor point. Forward-looking: it has not happened yet and may not happen.Potential Series E redemption using net proceeds requires prior FDIC approval.
- Minor pointPreferred securities are neither insured nor approved by the FDIC or other federal or state regulators.
Details
News Market Reaction – MBNKO
On Oct 1, the first trading day after this news, MBNKO closed 0.17% below the previous close.
Data tracked by StockTitan Argus for the Oct 1 session.
Key Figures
- Additional preferred shares
- 2,200,000 shares
- Series G offering closed
- Aggregate liquidation amount
- $55 million
- Series G offering
- Liquidation amount per share
- $25 per share
- Series G Preferred Stock
- Over-allotment option
- Up to 330,000 shares
- Underwriters' option to cover over-allotments
- Option period
- 30 days
- Underwriters' over-allotment option
Previous Offering Reports
-
Pricing set 2.2 million Series G shares and $55 million aggregate liquidation amount.
-
Launched a reopening of Series G preferred shares, preceding the later pricing and closing steps.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
fixed-rate reset non-cumulative perpetual preferred stock financial
over-allotments financial
offering circular regulatory
fdic regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
SALT LAKE CITY, Sept. 30, 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 closed a public offering of 2,200,000 additional shares of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, par value
Medallion Bank’s Series G Preferred Stock is traded on the Nasdaq Capital Market under the ticker symbol “MBNKO.” Medallion Bank remains a wholly owned subsidiary of Medallion Financial after the 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.
Piper Sandler & Co., Lucid Capital Markets, LLC, Muriel Siebert & Co., LLC, A.G.P. / Alliance Global Partners, and Ladenburg Thalmann & Co. Inc. are acting as joint book-running managers. William Blair & Company, L.L.C., InspereX LLC, B. Riley Securities, Inc., and Clear Street LLC are acting as lead managers.
The offering of the Medallion Bank’s Series G Preferred Stock was exempt from the registration requirements of the Securities Act of 1933 pursuant to Section 3(a)(2) of that Act and was made only by means of an offering circular. This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. The securities are neither insured nor approved by the Federal Deposit Insurance Corporation or any other Federal or state regulatory body.
The final offering circular relating to the offering is available at medallionbankoffering.com. In addition, copies of the final offering circular may also be obtained from: Piper Sandler & Co.; Attn: Debt Capital Markets, 1251 Avenue of the Americas, 6th Floor, New York, 10020, or by email at fsg-dcm@psc.com.
About Medallion Bank
Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp.
For more information, visit www.medallionbank.com
This press release contains “forward-looking statements”, which reflect Medallion Bank’s current views with respect to future events and which address matters that are, by their nature, inherently uncertain and beyond Medallion Bank’s control. These statements are often, but not always, made through the use of words or phrases such as “expect” and “intend” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to the offering of shares of the Series G Preferred Stock, the anticipated use of the net proceeds by Medallion Bank and the grant to the underwriters of an option to purchase additional shares of the Series G Preferred Stock. No assurance can be given that Medallion Bank will decide to redeem its Series E Preferred Stock or, if it does, the amount to be redeemed and the timing of redemption and required regulatory approval. Medallion Bank undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors,” in Medallion Bank’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026.
This press release does not constitute a notice of redemption with respect to the Series E Preferred Stock.
Company Contact
Investor Relations
212-328-2176
investorrelations@medallion.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Are Medallion Bank’s Series G preferred securities FDIC-insured?
The preferred securities are not FDIC-insured. They are neither insured nor approved by the Federal Deposit Insurance Corporation or any other federal or state regulatory body, even though Medallion Bank itself is an FDIC-insured bank.