Medallion Bank Announces Redemption of Its Series F Preferred Stock

Rhea-AI Summary

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.

Positive

• 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

Negative

• Preferred stockholders will lose their recurring dividend income stream
• Reduction in investment options for the company's preferred stock investors

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 $25.00 per share (the “Redemption Price”).

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?

Medallion Bank will redeem all outstanding shares of its Series F Preferred Stock on July 1, 2025.

What is the redemption price for Medallion Bank's Series F Preferred Stock (MBNKP)?

The redemption price is $25.00 per share.

Will MBNKP shareholders receive their regular dividend before the redemption?

Yes, the regular quarterly dividend will be paid separately on July 1, 2025, to holders of record in addition to the redemption payment.

How will Medallion Bank (MBNKP) shareholders receive their redemption payment?

Shareholders should contact their bank or broker through which they hold their beneficial interest in the Series F Preferred Stock to obtain the redemption payment.

What happens to MBNKP shares after the redemption date?

After July 1, 2025, the Series F Preferred Stock will no longer be outstanding and dividends will cease to accrue.