Medallion Bank Announces Closing of Series G Preferred Stock Offering
Medallion Bank (MBNKP, MBNKO) has successfully closed a public offering of its Series G Preferred Stock, raising $77.5 million through the sale of 3,100,000 shares at $25 per share. The offering, which included a partial exercise of underwriters' option for an additional 100,000 shares, commenced trading on the Nasdaq Capital Market under ticker MBNKO on May 22, 2025.
The FDIC-insured bank, which specializes in consumer loans for recreational vehicles, boats, and home improvements, plans to use the proceeds for general corporate purposes, including increasing capital levels, growing consumer loan portfolios, and potentially redeeming outstanding Series F Preferred Stock, subject to FDIC approval. The offering was led by joint book-running managers Piper Sandler & Co. and Lucid Capital Markets.
Medallion Bank (MBNKP, MBNKO) ha completato con successo un'offerta pubblica del proprio capitale preferenziale Serie G, raccogliendo 77,5 milioni di dollari tramite la vendita di 3.100.000 azioni a 25 dollari per azione. L'offerta, che ha incluso l'esercizio parziale dell'opzione degli sottoscrittori per ulteriori 100.000 azioni, ha iniziato la negoziazione sul Nasdaq Capital Market con il ticker MBNKO il 22 maggio 2025.
La banca assicurata dalla FDIC, specializzata in prestiti per consumatori per veicoli ricreativi, barche e miglioramenti domestici, intende utilizzare i proventi per scopi aziendali generali, tra cui l'aumento dei livelli di capitale, la crescita dei portafogli di prestiti al consumo e, potenzialmente, il rimborso delle azioni preferenziali Serie F in circolazione, previa approvazione della FDIC. L'offerta è stata guidata dai gestori congiunti Piper Sandler & Co. e Lucid Capital Markets.
Medallion Bank (MBNKP, MBNKO) ha cerrado con éxito una oferta pública de sus acciones preferentes Serie G, recaudando 77,5 millones de dólares mediante la venta de 3.100.000 acciones a 25 dólares por acción. La oferta, que incluyó el ejercicio parcial de la opción de los suscriptores para 100.000 acciones adicionales, comenzó a cotizar en el Nasdaq Capital Market bajo el símbolo MBNKO el 22 de mayo de 2025.
El banco asegurado por la FDIC, especializado en préstamos al consumidor para vehículos recreativos, embarcaciones y mejoras en el hogar, planea usar los fondos para fines corporativos generales, incluyendo aumentar los niveles de capital, expandir las carteras de préstamos al consumidor y, potencialmente, redimir las acciones preferentes Serie F pendientes, sujeto a la aprobación de la FDIC. La oferta fue liderada por los gestores conjuntos Piper Sandler & Co. y Lucid Capital Markets.
Medallion Bank (MBNKP, MBNKO)는 시리즈 G 우선주 공개 모집을 성공적으로 마쳐 7,750만 달러를 모금했으며, 주당 25달러에 3,100,000주를 판매했습니다. 이 공모에는 인수인 옵션의 일부 행사로 추가 100,000주가 포함되었으며, 2025년 5월 22일 나스닥 캐피탈 마켓에서 MBNKO라는 티커로 거래를 시작했습니다.
FDIC 보험을 받은 이 은행은 레크리에이션 차량, 보트, 주택 개조용 소비자 대출을 전문으로 하며, 조달 자금은 자본 수준 강화, 소비자 대출 포트폴리오 확대, 그리고 FDIC 승인 하에 기존 시리즈 F 우선주 상환 등에 일반 기업 목적을 위해 사용할 계획입니다. 이번 공모는 공동 주관사인 Piper Sandler & Co.와 Lucid Capital Markets가 이끌었습니다.
Medallion Bank (MBNKP, MBNKO) a clôturé avec succès une offre publique de ses actions privilégiées de série G, levant 77,5 millions de dollars grâce à la vente de 3 100 000 actions au prix de 25 dollars par action. L'offre, qui comprenait l'exercice partiel de l'option des souscripteurs pour 100 000 actions supplémentaires, a commencé à être négociée sur le Nasdaq Capital Market sous le symbole MBNKO le 22 mai 2025.
La banque assurée par la FDIC, spécialisée dans les prêts à la consommation pour véhicules de loisirs, bateaux et améliorations domiciliaires, prévoit d'utiliser les fonds pour des besoins généraux d'entreprise, notamment pour augmenter ses niveaux de capital, développer ses portefeuilles de prêts à la consommation et éventuellement racheter les actions privilégiées de série F en circulation, sous réserve de l'approbation de la FDIC. L'offre a été dirigée par les gestionnaires conjoints Piper Sandler & Co. et Lucid Capital Markets.
Medallion Bank (MBNKP, MBNKO) hat erfolgreich ein öffentliches Angebot seiner Series G Vorzugsaktien abgeschlossen und dabei 77,5 Millionen US-Dollar durch den Verkauf von 3.100.000 Aktien zu je 25 US-Dollar eingenommen. Das Angebot, das eine teilweise Ausübung der Zeichnungsoption der Underwriter für zusätzliche 100.000 Aktien beinhaltete, begann am 22. Mai 2025 unter dem Ticker MBNKO am Nasdaq Capital Market mit dem Handel.
Die von der FDIC versicherte Bank, die sich auf Verbraucherdarlehen für Freizeitfahrzeuge, Boote und Renovierungen spezialisiert hat, plant, die Erlöse für allgemeine Unternehmenszwecke zu verwenden, darunter die Erhöhung der Kapitalbasis, den Ausbau der Verbraucherdarlehensportfolios und gegebenenfalls die Rückzahlung der ausstehenden Series F Vorzugsaktien, vorbehaltlich der Zustimmung der FDIC. Das Angebot wurde von den gemeinsamen Bookrunnern Piper Sandler & Co. und Lucid Capital Markets geleitet.
- None.
- Potential dilution of existing preferred stockholders
- Additional preferred stock increases the bank's cost of capital
Insights
Medallion Bank strengthens capital position with $77.5M preferred stock offering, potentially retiring Series F shares while supporting loan portfolio growth.
Medallion Bank has successfully completed a $77.5 million offering of Series G Preferred Stock, selling 3.1 million shares at $25 per share. This capital raise represents a strategic financial move that strengthens the bank's capital position while providing flexibility for several potential uses. The bank explicitly outlined using proceeds for general corporate purposes, potentially increasing capital levels, expanding its consumer loan portfolios, or redeeming outstanding Series F Preferred Stock.
The successful completion of this offering indicates strong market confidence in Medallion's business model focused on recreational vehicle, boat, and home improvement financing. The participation of multiple financial institutions as joint book-runners and lead managers (Piper Sandler, Lucid Capital Markets, and seven other firms) suggests broad market support for this capital raise.
What's particularly notable is the timing of this offering amidst challenging market conditions, demonstrating Medallion's ability to access capital markets effectively. The non-cumulative perpetual structure of this preferred stock is also significant - it doesn't accumulate unpaid dividends, reducing potential future obligations, while its perpetual nature means no maturity date, providing long-term stability to the capital structure.
If Medallion utilizes these funds to grow its consumer loan portfolios, we could see acceleration in the bank's core business of financing recreational vehicles, boats, and home improvements. Alternatively, redeeming Series F Preferred Stock would streamline the capital structure and potentially reduce dividend obligations if the Series G offers more favorable terms.
NEW YORK, May 22, 2025 (GLOBE NEWSWIRE) -- Medallion Bank (Nasdaq: MBNKP, 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 3,100,000 shares of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, par value
Medallion Bank’s Series G Preferred Stock commenced trading on the Nasdaq Capital Market under the ticker symbol “MBNKO” on May 22, 2025. 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, increasing Medallion Bank’s capital levels,
growing its consumer loan portfolios or redeeming some or all of its outstanding Series F Non-Cumulative Perpetual Preferred Stock (the “Series F Preferred Stock”), subject to the prior approval of the Federal Deposit Insurance Corporation.
Piper Sandler & Co. and Lucid Capital Markets, LLC acted as joint book-running managers. A.G.P./Alliance Global Partners, B. Riley Securities, Inc., InspereX LLC, Ladenburg Thalmann & Co. Inc., Muriel Siebert & Co., LLC, Wedbush Securities Inc., and William Blair & Company, L.L.C. acted 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, 1 Greenwich Plaza, 1st Floor, Suite 111, Greenwich, CT 06830, 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.
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 and the anticipated use of the net proceeds by Medallion Bank and are subject to numerous conditions, many of which are beyond the control of Medallion Bank. No assurance can be given that Medallion Bank will decide to redeem its Series F 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, 2024 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.
This press release does not constitute a notice of redemption with respect to the Series F Preferred Stock. If Medallion Bank decides to redeem the Series F Preferred Stock, it intends to announce its decision by press release and an appropriate notice of redemption during the applicable notice window.
Company Contact:
Investor Relations
212-328-2176
InvestorRelations@medallion.com
FAQ
How much did Medallion Bank (MBNKO) raise in its Series G Preferred Stock offering?
What is the trading symbol for Medallion Bank's new Series G Preferred Stock?
How will Medallion Bank use the proceeds from the Series G Preferred Stock offering?
Who were the lead underwriters for Medallion Bank's Series G Preferred Stock offering?
What type of loans does Medallion Bank provide?
