Medallion Financial Bank Prices $55M Preferred Offering
Series G dividends are fixed at 9.00% until July 1, 2030, then reset to the five-year U.S. Treasury rate plus 4.94%.
Rhea-AI Filing Summary
Medallion Financial Corp. reported that its wholly owned subsidiary, Medallion Bank, priced a public offering of 2,200,000 additional Series G preferred shares, with an aggregate liquidation amount of $55 million and a liquidation amount of $25 per share. The offering reopens the bank’s May 22, 2025 issuance. Underwriters have a 30-day option to purchase up to 330,000 additional shares solely to cover over-allotments, if any. Closing is expected on September 30, 2026, subject to customary closing conditions.
Dividends accrue at 9.00% per year from the original issue date to, but excluding, July 1, 2030, then at the five-year U.S. Treasury rate plus 4.94%. Dividends are payable quarterly only when declared and when the bank has legally available funds. On the offered shares, dividends, if declared, accrue from October 1, 2026, and are payable beginning January 1, 2027. Medallion Bank intends to use net proceeds for general corporate purposes, which may include redeeming some or all of its Series E preferred stock, subject to prior Federal Deposit Insurance Corporation approval. The preferred shares are neither insured nor approved by the Federal Deposit Insurance Corporation or another federal or state regulatory body.
Positive
- None.
Negative
- None.
Filing Explained
Medallion Bank says the priced Series G offering is exempt from Securities Act registration under Section 3(a)(2) and will be made only through an offering circular.
8-K Event Classification
Key Figures
Key Terms
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock financial
liquidation amount financial
over-allotments financial
legally available funds financial
offering circular regulatory
FAQ
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What are the dividend terms for Medallion Bank Series G preferred stock?
How does Medallion Bank plan to use the Series G offering proceeds?
When is the Medallion Bank Series G offering expected to close?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 7.01 Regulation FD Disclosure
On September 23, 2026, Medallion Bank (the “Bank”), a wholly owned subsidiary of Medallion Financial Corp. (the “Company”), issued a press release announcing the pricing of an offering of 2,200,000 additional shares of the Bank’s Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, par value $1.00 per share, with a liquidation amount of $25 per share and an aggregate liquidation amount of $55 million.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in the press release is being furnished, not filed, pursuant to Item 7.01. Accordingly, the information in the press release will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are being filed with this Current Report on Form 8-K:
99.1 |
Medallion Bank Press Release, dated September 23, 2026. |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: September 24, 2026
MEDALLION FINANCIAL CORP. |
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By: |
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/s/ Anthony N. Cutrone |
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Name: Anthony N. Cutrone |
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Title: Chief Financial Officer |
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Exhibit 99.1
FOR IMMEDIATE RELEASE:
MEDALLION BANK ANNOUNCES PRICING OF SERIES G PREFERRED STOCK OFFERING
SALT LAKE CITY, UT – September 23, 2026 – 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