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.

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.

1 point · 1 major

MixediHow this balance works

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.

How the balance worksHow Sentiment works

1 major · 4 points

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.

Key Figures

Additional shares offered: 2,200,000 shares Liquidation amount per share: $25 per share Aggregate liquidation amount: $55 million +1 more

Additional shares offered

2,200,000 shares

Series G preferred stock offering

Liquidation amount per share

$25 per share

Series G preferred stock

Aggregate liquidation amount

$55 million

Series G preferred stock offering

Underwriter option

Up to 330,000 shares

30-day option solely to cover over-allotments, if any

Previous Offering Reports

1 past event · Latest: Sep 23

Same Type 1 event

1. Sep 23

   Offering pricing

   24h Move

   +2.3%

   Priced the same Series G preferred offering before today's disclosed closing.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-cumulative perpetual preferred stock, liquidation amount, over-allotments, offering circular, +1 more

5 terms

non-cumulative perpetual preferred stock financial

"Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G"

Non-cumulative perpetual preferred stock is a type of investment that pays a fixed dividend forever, without a set end date. If the company skips some dividends in a year, you don’t get that money later, and it’s gone forever. It matters because investors get regular income but may miss out if the company faces financial trouble.

liquidation amount financial

"with a liquidation amount of $25 per share"

The liquidation amount is the cash value realized and payable when an asset, business, or investment is sold off or formally wound up, after paying selling costs and higher-priority claims such as secured creditors and administrative expenses. It matters to investors because it determines how much money different claimants—bondholders, preferred and common shareholders—actually receive in a shutdown or sale, acting like the proceeds left after paying off a mortgage and closing costs on a sold house.

over-allotments financial

"solely to cover over-allotments, if any"

An over-allotment is a temporary extra batch of shares that the underwriters of a stock offering are allowed to sell beyond the original amount, with the right to buy those shares back later. Think of it as spare tickets sold to meet demand and then reclaimed if needed to keep the market orderly; it helps stabilize the stock price after an offering and can affect short-term supply and potential dilution, which matters to investors tracking price and ownership stakes.

offering circular regulatory

"made only by means of an offering circular"

An offering circular is a formal disclosure document provided to potential investors when a company or issuer makes securities available for sale. It lays out what is being sold, the price and terms, key financial facts, management background, intended use of proceeds and the main risks — like the product label and instruction manual for an investment. Investors use it to compare options and judge whether the risk and potential return fit their needs.

par value financial

"par value $1.00 per share"

Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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 $1.00 per share, with a liquidation amount of $25 per share (the “Series G Preferred Stock”) and an aggregate liquidation amount of $55 million. The offering priced on September 23, 2026. 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’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.

How many Series G preferred shares did Medallion Bank issue in its closed offering?

Medallion Bank issued 2,200,000 additional Series G preferred shares, with a liquidation amount of $25 per share and an aggregate liquidation amount of $55 million. The offering priced on September 23, 2026.

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.