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 redempt ...

Core Viewpoint - Medallion Bank has successfully closed a public offering of 3,100,000 shares of its Series G Preferred Stock, raising an aggregate liquidation amount of $77.5 million, which includes a partial exercise of the underwriters' option [1][2] Group 1: Offering Details - The Series G Preferred Stock has a par value of $1.00 per share and a liquidation amount of $25 per share [1] - The offering was priced on May 15, 2025, and commenced trading on the Nasdaq Capital Market under the ticker symbol "MBNKO" on May 22, 2025 [2] - The offering was exempt from the registration requirements of the Securities Act of 1933 and was made only by means of an offering circular [5] Group 2: Use of Proceeds - Medallion Bank intends to use the net proceeds from the offering for general corporate purposes, which may include increasing capital levels, growing consumer loan portfolios, or redeeming outstanding Series F Preferred Stock, subject to regulatory approval [3] Group 3: Company Background - Medallion Bank specializes in providing consumer loans for recreational vehicles, boats, and home improvements, and offers loan origination services to fintech partners [7] - The bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp [7] Group 4: Management and Advisors - Piper Sandler & Co. and Lucid Capital Markets, LLC acted as joint book-running managers for the offering, with several other firms serving as lead managers [4]

Company Overview - Medallion Bank is an FDIC-insured bank that specializes in providing consumer loans for recreational vehicles, boats, and home improvements, as well as loan origination services to fintech partners [7] Offering Details - Medallion Bank has launched a public offering of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, with a par value of $1.00 per share and a liquidation amount of $25 per share [1] - The Series G Preferred Stock is expected to trade on the Nasdaq Capital Market under the ticker symbol "MBNKO" [1] - The underwriters will have a 30-day option to purchase additional shares to cover over-allotments [2] Use of Proceeds - The net proceeds from the offering will be used for general corporate purposes, which may include increasing capital levels, growing consumer loan portfolios, or redeeming outstanding Series F Preferred Stock, subject to regulatory approval [3] Management and Underwriters - Piper Sandler & Co. and Lucid Capital Markets, LLC are acting as joint book-running managers for the offering [4] - Additional lead managers include A.G.P./Alliance Global Partners, B. Riley Securities, Inc., and others [4] Regulatory Information - The offering is exempt from the registration requirements of the Securities Act of 1933 and will be made only by means of an offering circular [5] - The preliminary offering circular is available at medallionbankoffering.com [6]