Medallion Bank Closes Series G Preferred Stock Offering
Medallion Bank has successfully closed a public offering of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, amounting to 3,100,000 shares. This offering, with a par value of $1.00 per share and a total liquidation amount of $77.5 million, witnessed a partial exercise of the underwriters’ option to acquire an additional 100,000 shares. The pricing for this significant offering occurred just prior to its completion.
Trading Details and Upcoming Plans
The Series G Preferred Stock commenced trading on the Nasdaq Capital Market under the ticker symbol “MBNKO”. The closure of this offering marks a pivotal moment for Medallion Bank, which remains under the umbrella of Medallion Financial, affirming its commitment to expand its offerings and capital.
Utilization of Proceeds
Medallion Bank reallocates the net proceeds from this offering towards general corporate purposes. This initiative may include boosting the bank's capital levels, expanding its consumer loan portfolios, and potentially redeeming the outstanding Series F Preferred Stock, pending necessary regulatory approval.
Management and Oversight
Piper Sandler & Co. and Lucid Capital Markets, LLC served as the joint book-running managers for this offering, supported by several esteemed financial institutions. Their expertise was crucial in executing this public offering efficiently and successfully.
Regulatory Compliance
The Series G Preferred Stock offering was conducted in accordance with regulatory standards, exempt from the registration requirements of the Securities Act of 1933. This indicates a careful adherence to compliance matters, reinforcing Medallion Bank's integrity in the financial landscape.
Company Profile: Medallion Bank
Medallion Bank specializes in consumer lending for recreational vehicles, boats, and home improvements while also providing loan origination services to fintech partners. By collaborating with a multitude of dealers and contractors across the nation, Medallion Bank is dedicated to delivering swift financing solutions tailored to its customers' needs.
Future Insights and Market Position
With a stable foundation and recent capital enhancements through the Series G Preferred Stock, Medallion Bank is well-positioned to grow its operational capacity and market footprint. Its strategic approach to lending and partnerships marks it as a formidable player in the financial services sector.
Frequently Asked Questions
What is the purpose of the Series G Preferred Stock offering?
The offering aims to enhance Medallion Bank’s capital levels and support its growth strategies in consumer lending.
Who managed the stock offering?
Piper Sandler & Co. and Lucid Capital Markets, LLC acted as the joint book-running managers for this offering.
On which exchange is the Series G Preferred Stock listed?
The Series G Preferred Stock is traded on the Nasdaq Capital Market under the ticker symbol “MBNKO”.
How does Medallion Bank utilize the proceeds from the offering?
Proceeds from the offering may be used to increase capital levels, expand the consumer loan portfolio, or redeem outstanding Series F Preferred Stock.
How does Medallion Bank serve its clients?
Medallion Bank offers consumer loans for recreational vehicles, boats, and home improvements while partnering with fintech services for effective loan origination.
