Medallion Bank Announces Redemption of Its Series F Preferred Stock
Medallion Bank (MBNKP; MBNKO), an FDIC-insured institution specializing in consumer loans for recreational vehicles, boats, and home improvements, has announced the complete redemption of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F. The redemption is scheduled for July 1, 2025, at a redemption price of $25.00 per share. The regular quarterly dividend will be paid separately on the same date to holders of record. After the redemption date, the Series F Preferred Stock will cease to be outstanding, and no further dividends will accrue. All shares are held through DTC and will be redeemed according to DTC procedures, with Equiniti Trust Company serving as the transfer agent.
Medallion Bank (MBNKP; MBNKO), un istituto assicurato dalla FDIC specializzato in prestiti al consumo per veicoli ricreativi, barche e miglioramenti domestici, ha annunciato il riscatto completo delle sue Azioni Preferred Perpetue Non Cumulative a Tasso Fisso-Variabile, Serie F. Il riscatto è previsto per il 1 luglio 2025, al prezzo di riscatto di 25,00 $ per azione. Il dividendo trimestrale ordinario sarà pagato separatamente nella stessa data ai detentori registrati. Dopo la data di riscatto, le azioni Preferred Serie F cesseranno di esistere e non matureranno ulteriori dividendi. Tutte le azioni sono detenute tramite DTC e saranno riscattate secondo le procedure DTC, con Equiniti Trust Company come agente di trasferimento.
Medallion Bank (MBNKP; MBNKO), una institución asegurada por la FDIC especializada en préstamos al consumidor para vehículos recreativos, embarcaciones y mejoras en el hogar, ha anunciado el rescate total de sus Acciones Preferentes Perpetuas No Acumulativas de Tasa Fija a Variable, Serie F. El rescate está programado para el 1 de julio de 2025, a un precio de rescate de 25,00 $ por acción. El dividendo trimestral regular se pagará por separado en la misma fecha a los titulares registrados. Después de la fecha de rescate, las Acciones Preferentes Serie F dejarán de estar vigentes y no se acumularán más dividendos. Todas las acciones están en custodia a través de DTC y se rescatarán según los procedimientos de DTC, con Equiniti Trust Company como agente de transferencia.
메달리언 뱅크(MBNKP; MBNKO)는 레크리에이션 차량, 보트 및 주택 개조를 위한 소비자 대출을 전문으로 하는 FDIC 보험 기관으로, 고정-변동 금리 비누적 영구 우선주 시리즈 F의 전액 상환을 발표했습니다. 상환 예정일은 2025년 7월 1일이며, 상환 가격은 주당 25.00달러입니다. 정기 분기 배당금은 같은 날짜에 기록 보유자에게 별도로 지급됩니다. 상환일 이후 시리즈 F 우선주는 소멸되며 추가 배당금은 발생하지 않습니다. 모든 주식은 DTC를 통해 보유되며 DTC 절차에 따라 상환되며, 에퀴니티 트러스트 컴퍼니가 이전 대리인으로 지정되어 있습니다.
Medallion Bank (MBNKP; MBNKO), une institution assurée par la FDIC spécialisée dans les prêts à la consommation pour véhicules de loisirs, bateaux et améliorations domiciliaires, a annoncé le remboursement complet de ses actions privilégiées perpétuelles non cumulatives à taux fixe-variable, série F. Le remboursement est prévu pour le 1er juillet 2025, au prix de rachat de 25,00 $ par action. Le dividende trimestriel régulier sera payé séparément à la même date aux détenteurs inscrits. Après la date de remboursement, les actions privilégiées de la série F ne seront plus en circulation et aucun dividende supplémentaire ne sera accumulé. Toutes les actions sont détenues via DTC et seront remboursées selon les procédures DTC, avec Equiniti Trust Company agissant en tant qu'agent de transfert.
Medallion Bank (MBNKP; MBNKO), eine von der FDIC versicherte Institution, die sich auf Verbraucherdarlehen für Freizeitfahrzeuge, Boote und Heimverbesserungen spezialisiert hat, hat die vollständige Rückzahlung ihrer Fest-zu-Float Nicht-kumulative unbefristete Vorzugsaktien, Serie F angekündigt. Die Rückzahlung ist für den 1. Juli 2025 zum Rückzahlungspreis von 25,00 $ pro Aktie geplant. Die reguläre vierteljährliche Dividende wird am selben Tag separat an die eingetragenen Inhaber ausgezahlt. Nach dem Rückzahlungstermin erlöschen die Vorzugsaktien der Serie F und es werden keine weiteren Dividenden mehr anfallen. Alle Aktien werden über DTC gehalten und gemäß den DTC-Verfahren zurückgezahlt, wobei die Equiniti Trust Company als Transferagent fungiert.
- Full redemption of preferred stock indicates strong financial position
- Shareholders will receive full redemption value of $25.00 per share
- Regular quarterly dividend will still be paid separately on redemption date
- Preferred stockholders will lose their recurring dividend income stream
- Reduction in investment options for the company's preferred stock investors
Insights
Medallion Bank's Series F preferred stock redemption is a neutral capital management move, neither significantly strengthening nor weakening its position.
Medallion Bank has announced a complete redemption of its Series F preferred stock (MBNKP) at
This redemption represents a standard capital management decision that banks typically execute when they have either sufficient capital reserves or access to more favorable financing options. By redeeming this preferred stock, Medallion eliminates a perpetual dividend obligation from its balance sheet.
From a capital structure perspective, this move likely signals one of three possibilities: (1) Medallion has excess capital and is returning it to investors, (2) they're replacing this financing with lower-cost capital, or (3) they're reducing their overall leverage. Without specific details on replacement capital or the bank's broader strategy, the immediate financial impact appears balanced.
The fixed-to-floating rate structure of the Series F preferred suggests the bank may be acting ahead of potential interest rate fluctuations that could make these shares more expensive to maintain. Holders of MBNKP should note that after July 1, these shares will cease to exist, dividends will stop accruing, and they'll receive the
NEW YORK, May 29, 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 on July 1, 2025 (the “Redemption Date”) it will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F (the “Series F Preferred Stock”) (Nasdaq: MBNKP) at the redemption price of
Because the Redemption Date is a dividend payment date for the Series F Preferred Stock, the Redemption Price does not include declared and unpaid dividends. The regular quarterly dividend on the Series F Preferred Stock was separately declared and will be paid separately on July 1, 2025 to holders of record on the record date for such dividend payment in the customary manner.
On and after the Redemption Date, the Series F Preferred Stock will no longer be deemed outstanding and dividends on the shares of Series F Preferred Stock will cease to accrue.
All shares of Series F Preferred Stock are held in book-entry form through The Depository Trust Company (“DTC”) and will be redeemed in accordance with the procedures of DTC.
Equiniti Trust Company, LLC is the transfer agent, registrar and redemption agent for the Series F Preferred Stock.
Equiniti Trust Company, LLC’s address and telephone number are as follows:
First Class/Registered/Certified
Equiniti Trust Company, LLC
Operations Center, Attn: Reorganization Department
55 Challenger Road, Suite 200
Ridgefield Park, New Jersey 07660
718-921-8317
Investors in the Series F Preferred Stock should contact the bank or broker through which they hold a beneficial interest in the Series F Preferred Stock for information about obtaining the Redemption Payment for the Series F Preferred Stock in which they have a beneficial interest.
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.
Company Contact:
Investor Relations
212-328-2176
InvestorRelations@medallion.com
FAQ
When will Medallion Bank (MBNKP) redeem its Series F Preferred Stock?
What is the redemption price for Medallion Bank's Series F Preferred Stock (MBNKP)?
Will MBNKP shareholders receive their regular dividend before the redemption?
How will Medallion Bank (MBNKP) shareholders receive their redemption payment?
What happens to MBNKP shares after the redemption date?
