Monitor the closing of the offering on September 30, 2026, and any subsequent FDIC approval for redemption of Series E Preferred Stock. The use of proceeds for potential redemption could improve the bank's capital efficiency, but the offering itself is a routine capital raise for a bank subsidiary.
Price Chart
Executive Summary
Medallion Bank, a wholly owned subsidiary of Medallion Financial Corp., priced a public offering of 2,200,000 additional shares of its Series G Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock at a $25 liquidation amount per share, for an aggregate liquidation amount of $55 million. The bank intends to use net proceeds for general corporate purposes, which may include redeeming some or all of its outstanding Series E Preferred Stock, subject to FDIC approval. The offering is a reopening of the Series G issuance from May 2025 and is expected to close September 30, 2026.
Key Financial Metrics
Key Facts
- Priced public offering of 2,200,000 additional shares of Series G Preferred Stock at $25 liquidation amount per share, aggregate $55 million.
- Underwriters have a 30-day option to purchase up to 330,000 additional shares for over-allotments.
- Dividends accrue at 9.00% per annum until July 1, 2030, then reset to 5-year U.S. Treasury rate plus 4.94%.
- Net proceeds intended for general corporate purposes, potentially including 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. after the offering.
Financial Impact
Offering of $55 million in preferred stock; potential redemption of Series E Preferred Stock (amount not stated).
Risk Factors
- Offering may not close if customary conditions are not met.
- Redemption of Series E Preferred Stock is subject to FDIC approval and may not occur.
- Dividends on Series G Preferred Stock are non-cumulative and payable only when declared by the board.
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3367904 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $11.32 $11.42 | ▲ +0.88% | ▲ +1.41% | $11.42 (+0.88%) |
Oct 19, 2026 7d ago | 8-K | $11.20 $11.20 | · 0.00% | ▼ −0.53% | $11.42 (+1.96%) |
Oct 15, 2026 11d ago | Press Release | $11.19 $11.22 | ▲ +0.27% | ▼ −0.16% | $11.42 (+2.06%) |
Sep 30, 2026 26d ago | Press Release | $11.92 $11.91 | ▼ −0.08% | ▼ −0.82% | $11.42 (−4.19%) |
Sep 24, 2026 4w ago | 8-K | $11.83 $11.96 | ▲ +1.10% | ▲ +0.56% | $11.42 (−3.47%) |
Sep 23, 2026 4w ago | Press Release | $11.83 $11.96 | ▲ +1.10% | ▲ +0.56% | $11.42 (−3.47%) |
Sep 22, 2026 4w ago | Press Release | $11.54 $11.83 | ▲ +2.51% | ▲ +2.60% | $11.42 (−1.04%) |
Sep 22, 2026 4w ago | Press Release | $11.54 $11.83 | ▲ +2.51% | ▲ +2.60% | $11.42 (−1.04%) |
Jul 8, 2026 15w ago | Press Release | $9.83 | awaiting T+1 | — | $11.42 (+16.17%) |
Jul 2, 2026 16w ago | EFFECT | $10.12 $10.04 | ▲ +0.79% | ▲ +1.66% | $11.42 (−12.85%) |
US Market Status
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