Medallion Bank Announces Pricing of Series G Preferred Stock Offering

Dividends on the offered shares, if declared, will first be payable on January 1, 2027.

Rhea-AI Summary

Medallion Bank (MBNKO) priced an offering of 2.2 million additional Series G preferred shares on September 23, 2026.

The shares have a $25-per-share liquidation amount, or $55 million in aggregate. The annual dividend rate is 9.00% until July 1, 2030, when it resets to the five-year U.S. Treasury rate plus 4.94%. Dividends depend on board declaration and legally available funds. The underwriters have a 30-day option to buy up to 330,000 more shares. Closing is expected September 30, 2026, subject to customary conditions. Medallion Bank intends to use net proceeds for general corporate purposes, potentially including Series E preferred redemptions subject to prior FDIC approval.

Market Context

The prior-day launch of this same Series G offering recorded a -4.63% 24-hour reaction; this release...

Analysis

The prior-day launch of this same Series G offering recorded a -4.63% 24-hour reaction; this release advanced that financing from launch to priced terms, making the earlier deal-specific response relevant context.

Key Figures

Additional shares offered: 2,200,000 shares Aggregate liquidation amount: $55,000,000 Liquidation amount per share: $25 per share +4 more

Additional shares offered

2,200,000 shares

Series G preferred stock offering

Aggregate liquidation amount

$55,000,000

Series G offering

Liquidation amount per share

$25 per share

Series G preferred stock

Fixed dividend rate

9.00% per annum

From original issue date to, but excluding, July 1, 2030

Reset dividend rate

Five-year U.S. Treasury rate plus 4.94% per annum

From and including July 1, 2030

Over-allotment option

Up to 330,000 additional shares; 30-day option

For over-allotments, if any

Expected offering close

September 30, 2026

Subject to customary closing conditions

Previous Offering Reports

1 past event · Latest: Sep 22

Same Type 1 event

1. Sep 22

   Offering launch

   24h Move

   -4.6%

   Launch of the same Series G reopening preceded this priced offering

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

Key Terms

non-cumulative, liquidation amount, over-allotments, offering circular

4 terms

non-cumulative financial

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

Non-cumulative describes a type of dividend or payment right where any missed distributions are not tracked or owed later; if a company skips a payment, investors do not receive that skipped amount in the future. Think of it like a one-time coupon that expires if not used: it can boost potential income when paid, but offers no catch-up protection, so investors face greater income uncertainty and should price in higher risk or lower yield expectations.

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

"will be 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.

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

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SALT LAKE CITY, Sept. 23, 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 priced 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 $55,000,000. The offering is a reopening of Medallion Bank's original issuance of its Series G Preferred Stock, which occurred on May 22, 2025.

Dividends will accrue on the liquidation amount of $25 per share of the Series G Preferred Stock at a fixed rate per annum equal to (i) 9.00% from the original issue date of the Series G Preferred Stock to, but excluding, July 1, 2030, and (ii) from and including July 1, 2030, at a rate equal to the five-year U.S. Treasury rate plus 4.94% per annum. Dividends will be payable in arrears on January 1, April 1, July 1 and October 1 of each year. In each case, dividends will be paid only when, as and if declared by the board of directors of Medallion Bank (or a duly authorized committee of the board) and to the extent Medallion Bank has legally available funds to pay dividends. Because the original issue date of the shares being offered will occur after the record date for the next Series G Preferred Stock dividend payment date on October 1, 2026, dividends on the offered shares, if declared, will accrue from October 1, 2026, and will be payable commencing on January 1, 2027.

Medallion Bank’s Series G Preferred Stock is traded on the Nasdaq Capital Market under the ticker symbol “MBNKO.” 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 will remain a wholly owned subsidiary of Medallion Financial upon 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. The offering is expected to close on September 30, 2026, subject to customary closing conditions.

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How large is Medallion Bank's Series G preferred stock offering?

Medallion Bank priced 2,200,000 additional Series G preferred shares with a $25-per-share liquidation amount and a $55,000,000 aggregate liquidation amount. The underwriters also have a 30-day option to purchase up to 330,000 additional shares to cover over-allotments.

When do dividends begin on Medallion Bank's newly offered Series G shares?

Dividends on the offered shares, if declared, will accrue from October 1, 2026, and first be payable on January 1, 2027. The shares will be issued after the record date for the October 1, 2026 dividend payment. Payment remains subject to board declaration and legally available funds.

Where can investors find Medallion Bank's Series G offering circular?

The preliminary offering circular is available at medallionbankoffering.com. Copies may also be requested by emailing fsg-dcm@psc.com.