Medallion Bank Announces Benchmark Rate for Certain Preferred Stock

Rhea-AI Summary

Medallion Bank (Nasdaq: MBNKP) has announced changes to its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F dividend rate calculation. Starting April 1, 2025, the bank will use three-month CME Term SOFR as the benchmark rate for determining dividend rates during the floating rate period.

The dividend payment rate will be determined two U.S. government securities business days before the start of each dividend period. The Series F Preferred Stock continues to trade on the Nasdaq Capital Market under the ticker symbol 'MBNKP'.

SALT LAKE CITY, March 28, 2025 (GLOBE NEWSWIRE) -- Medallion Bank (Nasdaq: MBNKP, the “Bank”) today announced that, upon the commencement of the floating rate period for the Bank’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F (the “Series F Preferred”) on April 1, 2025, the benchmark rate used to determine the dividend rate for each dividend period during the floating rate period will be three-month CME Term SOFR (“Term SOFR”). In addition, the dividend payment rate determination date for determining Term SOFR will be the second U.S. government securities business day preceding the first day of the relevant dividend period. The Series F Preferred trades on the Nasdaq Capital Market under the ticker symbol “MBNKP.”

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. (Nasdaq: MFIN).

For more information, visit www.medallionbank.com

Company Contact:
Investor Relations
212-328-2176
InvestorRelations@medallion.com

FAQ

What benchmark rate will MBNKP use for Series F Preferred Stock dividends after April 1, 2025?

Medallion Bank will use three-month CME Term SOFR as the benchmark rate for Series F Preferred Stock dividend calculations.

When does Medallion Bank's Series F Preferred Stock transition to floating rate period?

The floating rate period for Medallion Bank's Series F Preferred Stock begins on April 1, 2025.

How will MBNKP determine the dividend payment rate for Series F Preferred Stock?

The rate will be determined two U.S. government securities business days before the start of each dividend period.

What is the trading symbol for Medallion Bank's Series F Preferred Stock?

Medallion Bank's Series F Preferred Stock trades on the Nasdaq Capital Market under the symbol MBNKP.