Medallion Bank announced the successful closing of its public offering of Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G. The offering included 3,100,000 shares, with an aggregate liquidation amount of $77.5 million.
This total includes the partial exercise of the underwriters' option to purchase an additional 100,000 shares of the Series G Preferred Stock. The Series G Preferred Stock commenced trading on the Nasdaq Capital Market under the ticker symbol 'MBNKO' on May 22, 2025.
The net proceeds from this offering will be used for general corporate purposes, which may include increasing Medallion Bank's capital levels, expanding its consumer loan portfolios, or redeeming outstanding Series F Non-Cumulative Perpetual Preferred Stock. This capital infusion strengthens the bank's financial position and supports its growth initiatives.
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