Medallion Bank Announces Launch of Series G Preferred Stock Offering
Medallion Bank is reopening its Nasdaq-traded Series G preferred to raise capital that may fund FDIC-approved redemption of its Series E preferred.
Rhea-AI Summary
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.
Positive
- Reopening of Series G preferred provides additional capital-raising capacity
- Use of proceeds may include redemption of outstanding Series E preferred, subject to FDIC approval
Negative
- None.
Key Figures
- Liquidation Amount
- $25 per share
- Series G preferred stock
- Par Value
- $1.00 per share
- Series G preferred stock
- Original Issuance
- May 22, 2025
- Series G preferred stock reopening
- Over-Allotment Option
- 30 days
- Underwriters may purchase additional shares solely for over-allotments
- Offering Exemption
- Section 3(a)(2)
- Securities Act of 1933 exemption
Key Terms
non-cumulative perpetual preferred stock financial
over-allotments financial
offering circular regulatory
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SALT LAKE CITY, Sept. 22, 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 launched a public offering of additional shares of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, par value
Medallion Bank expects to grant the underwriters a 30-day option to purchase additional shares of the Series G Preferred Stock solely to cover over-allotments, if any.
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 is exempt from the registration requirements of the Securities Act of 1933 pursuant to Section 3(a)(2) of that Act and will be 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 preliminary offering circular relating to the offering is available at medallionbankoffering.com. In addition, copies of the preliminary 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 the transaction discussed above will be completed on the terms described, or at all, or 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. Completion of the offering on the terms described, including the grant of the option to the underwriters, and the application of net proceeds, are subject to numerous conditions, many of which are beyond the control of Medallion Bank. 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
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