Medallion Bank Announces Launch of Series G Preferred Stock Offering
Medallion Bank (MBKNP), an FDIC-insured institution specializing in consumer loans for recreational vehicles, boats, and home improvements, has announced a public offering of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G. The Series G Preferred Stock will have a par value of $1.00 per share and a liquidation amount of $25 per share, trading on Nasdaq Capital Market under the symbol "MBNKO".
The bank plans to use the proceeds for general corporate purposes, including increasing capital levels, expanding consumer loan portfolios, and potentially redeeming outstanding Series F Preferred Stock, subject to FDIC approval. Piper Sandler & Co. and Lucid Capital Markets are serving as joint book-running managers, with several other firms acting as lead managers.
Medallion Bank (MBKNP), un istituto assicurato dalla FDIC specializzato in prestiti al consumo per veicoli ricreativi, imbarcazioni e miglioramenti domestici, ha annunciato un'offerta pubblica delle sue azioni privilegiate perpetue non cumulative a tasso fisso reset, Serie G. Le azioni privilegiate Serie G avranno un valore nominale di 1,00 dollari per azione e un valore di liquidazione di 25 dollari per azione, quotate sul Nasdaq Capital Market con il simbolo "MBNKO".
La banca intende utilizzare i proventi per scopi aziendali generali, inclusi l'aumento dei livelli di capitale, l'espansione dei portafogli di prestiti al consumo e, possibilmente, il riscatto delle azioni privilegiate Serie F in circolazione, soggetto all'approvazione della FDIC. Piper Sandler & Co. e Lucid Capital Markets agiscono come joint book-running managers, con diverse altre società come lead manager.
Medallion Bank (MBKNP), una institución asegurada por la FDIC especializada en préstamos al consumo para vehículos recreativos, embarcaciones y mejoras para el hogar, ha anunciado una oferta pública de sus acciones preferentes perpetuas no acumulativas con tasa fija reajustable, Serie G. Las acciones preferentes Serie G tendrán un valor nominal de 1,00 dólar por acción y un monto de liquidación de 25 dólares por acción, cotizando en el Nasdaq Capital Market bajo el símbolo "MBNKO".
El banco planea utilizar los ingresos para fines corporativos generales, incluyendo aumentar los niveles de capital, expandir las carteras de préstamos al consumo y, potencialmente, redimir las acciones preferentes Serie F en circulación, sujeto a la aprobación de la FDIC. Piper Sandler & Co. y Lucid Capital Markets actúan como gestores conjuntos principales, con varias otras firmas como gestores líderes.
메달리언 뱅크(MBKNP)는 레크리에이션 차량, 보트 및 주택 개조를 위한 소비자 대출을 전문으로 하는 FDIC 보험 기관으로, 고정 금리 재설정 비누적 영구 우선주, G 시리즈의 공개 발행을 발표했습니다. G 시리즈 우선주는 주당 액면가 1.00달러, 청산 금액은 주당 25달러이며, 나스닥 자본 시장에서 "MBNKO" 심볼로 거래됩니다.
은행은 수익금을 일반 기업 목적, 자본 수준 증대, 소비자 대출 포트폴리오 확장 및 FDIC 승인을 조건으로 기존 F 시리즈 우선주 상환에 사용할 계획입니다. Piper Sandler & Co.와 Lucid Capital Markets가 공동 주관사로 활동하며, 여러 다른 회사들이 주요 주관사로 참여하고 있습니다.
Medallion Bank (MBKNP), une institution assurée par la FDIC spécialisée dans les prêts à la consommation pour véhicules de loisirs, bateaux et améliorations domiciliaires, a annoncé une offre publique de ses actions privilégiées perpétuelles à taux fixe réinitialisable non cumulatives, série G. Les actions privilégiées de la série G auront une valeur nominale de 1,00 $ par action et un montant de liquidation de 25 $ par action, cotées sur le Nasdaq Capital Market sous le symbole "MBNKO".
La banque prévoit d'utiliser les fonds pour des besoins généraux d'entreprise, notamment pour augmenter les niveaux de capital, étendre les portefeuilles de prêts à la consommation et, potentiellement, racheter les actions privilégiées de la série F en circulation, sous réserve de l'approbation de la FDIC. Piper Sandler & Co. et Lucid Capital Markets agissent en tant que gestionnaires principaux conjoints, avec plusieurs autres sociétés en tant que gestionnaires principaux.
Medallion Bank (MBKNP), eine von der FDIC versicherte Institution, die sich auf Verbraucherdarlehen für Freizeitfahrzeuge, Boote und Wohnungsverbesserungen spezialisiert hat, hat ein öffentliches Angebot ihrer festverzinslichen, nicht kumulativen, ewigen Vorzugsaktien, Serie G angekündigt. Die Serie G Vorzugsaktien haben einen Nennwert von 1,00 USD pro Aktie und einen Liquidationswert von 25 USD pro Aktie und werden an der Nasdaq Capital Market unter dem Symbol "MBNKO" gehandelt.
Die Bank plant, die Erlöse für allgemeine Unternehmenszwecke zu verwenden, einschließlich der Erhöhung der Kapitalbasis, der Erweiterung des Verbraucherdarlehensportfolios und gegebenenfalls der Rückzahlung der ausstehenden Vorzugsaktien der Serie F, vorbehaltlich der Genehmigung durch die FDIC. Piper Sandler & Co. und Lucid Capital Markets fungieren als gemeinsame Bookrunner, unterstützt von mehreren weiteren Firmen als Lead Manager.
- Potential strengthening of capital levels through the offering
- Opportunity to grow consumer loan portfolios
- Multiple established financial institutions participating as underwriters and managers
- Potential dilution for existing shareholders
- Additional financial obligations through new preferred stock issuance
Insights
Medallion Bank's Series G Preferred Stock offering aims to strengthen capital position and potentially refinance existing preferred securities.
Medallion Bank has announced a public offering of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G. This strategic capital raising initiative reveals several important aspects of the bank's financial planning. The new preferred shares will trade under ticker symbol "MBNKO" on the Nasdaq Capital Market, creating a new listed security for the FDIC-insured bank.
The structure as non-cumulative perpetual preferred stock is significant - it qualifies as regulatory capital while giving the bank flexibility since missed dividends don't accumulate as obligations. The bank states it will use proceeds for general corporate purposes, specifically highlighting three potential uses: increasing capital levels, growing consumer loan portfolios, or redeeming some/all outstanding Series F Preferred Stock.
The potential redemption of Series F shares suggests possible refinancing of existing higher-cost preferred equity with potentially more favorable terms in the current interest rate environment. Additionally, the bank's focus on growing its consumer loan portfolios in recreational vehicles, boats, and home improvements indicates confidence in these lending segments despite economic uncertainties.
The offering includes a 30-day over-allotment option for underwriters, a standard provision that could increase the total capital raised. The impressive syndicate of underwriters, led by Piper Sandler and Lucid Capital Markets as joint book-runners, with seven additional firms as lead managers, suggests a substantial offering with broad distribution capabilities.
This capital raise, while dilutive to the parent company Medallion Financial's ownership of bank earnings, strengthens the bank's ability to pursue growth opportunities in its consumer lending businesses and potentially optimize its capital structure.
NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) -- Medallion Bank (Nasdaq: MBKNP), 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 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, 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 are acting 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. 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, 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, 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 F 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, 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
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