Monitor the closing of the offering on September 30 and any subsequent FDIC approval for Series E redemption. The 9% fixed dividend rate through 2030 provides a clear yield floor for MBNKO holders. For MFIN common shareholders, the incremental preferred equity at the bank reduces leverage but also layers in a fixed dividend obligation.
Price Chart
Executive Summary
Medallion Bank, the wholly owned subsidiary of Medallion Financial Corp., priced a reopening of its Series G Preferred Stock offering, selling 2,200,000 additional shares at a $25 liquidation amount for aggregate gross proceeds of $55 million. Proceeds may be used to redeem some or all of the outstanding Series E Preferred Stock, subject to FDIC approval. The offering adds preferred equity cushion at the bank level, which is credit-positive for the preferred holders but dilutive to common equity on a look-through basis.
Key Facts
- Pricing of 2,200,000 additional shares of Series G Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock at $25 liquidation amount per share, aggregate $55 million.
- Dividend rate: 9.00% fixed through June 30, 2030, then five-year U.S. Treasury rate plus 4.94%.
- Underwriters granted a 30-day option to purchase up to an additional 330,000 shares for over-allotments.
- Net proceeds intended for general corporate purposes, including potential redemption of some or all Series E Preferred Stock, subject to FDIC approval.
- Offering expected to close September 30, 2026.
- Medallion Bank remains a wholly owned subsidiary of Medallion Financial Corp. upon completion.
Financial Impact
$55 million aggregate liquidation amount from the offering; potential redemption of Series E Preferred Stock (amount not specified).
Risk Factors
- Offering may not close if customary conditions are not met.
- FDIC approval for Series E redemption may not be obtained, limiting the stated use of proceeds.
- Additional preferred shares increase fixed dividend obligations at the bank level, potentially reducing net income available to Medallion Financial Corp.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-400319 |
| Document: mfin-ex99_1.htm | 0001193125-26-400319 |
| Document: 0001193125-26-400319-index-headers.html | 0001193125-26-400319 |
| Document: 0001193125-26-400319-index.html | 0001193125-26-400319 |
| Document: 0001193125-26-400319.txt | 0001193125-26-400319 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $11.32 $11.42 | ▲ +0.88% | ▲ +1.41% | $11.25 (−0.62%) |
Oct 19, 2026 7d ago | 8-K | $11.20 $11.20 | · 0.00% | ▼ −0.53% | $11.25 (+0.45%) |
Oct 15, 2026 11d ago | Press Release | $11.19 $11.22 | ▲ +0.27% | ▼ −0.16% | $11.25 (+0.54%) |
Sep 30, 2026 26d ago | Press Release | $11.92 $11.91 | ▼ −0.08% | ▼ −0.82% | $11.25 (−5.62%) |
Sep 24, 2026 4w ago | 8-K | $11.83 $11.96 | ▲ +1.10% | ▲ +0.56% | $11.25 (−4.90%) |
Sep 23, 2026 4w ago | Press Release | $11.83 $11.96 | ▲ +1.10% | ▲ +0.56% | $11.25 (−4.90%) |
Sep 22, 2026 4w ago | Press Release | $11.54 $11.83 | ▲ +2.51% | ▲ +2.60% | $11.25 (−2.51%) |
Sep 22, 2026 4w ago | Press Release | $11.54 $11.83 | ▲ +2.51% | ▲ +2.60% | $11.25 (−2.51%) |
Jul 8, 2026 15w ago | Press Release | $9.83 | awaiting T+1 | — | $11.25 (+14.45%) |
Jul 2, 2026 16w ago | EFFECT | $10.12 $10.04 | ▲ +0.79% | ▲ +1.66% | $11.25 (−11.17%) |
US Market Status
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