Medallion Bank Launches Public Offering of Shares of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G

Medallion Bank, a Utah-chartered, FDIC-insured industrial bank, has announced the launch of a public offering of shares of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G. The offering is exempt from the registration requirements of the Securities Act of 1933 pursuant to Section 3(a)(2) of that Act and will be made only by means of an offering circular. The net proceeds from this offering will be used for general corporate purposes, including increasing Medallion Bank's capital levels, growing its consumer loan portfolios, and redeeming some or all of its outstanding Series F Non-Cumulative Perpetual Preferred Stock.

Key Takeaways:

• Medallion Bank has launched a public offering of shares of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, par value $1.00 per share, with a liquidation amount of $25 per share.
• The offering is expected to trade on the Nasdaq Capital Market under the ticker symbol "MBNKO".
• The underwriters have been granted a 30-day option to purchase additional shares of the Series G Preferred Stock solely to cover over-allotments, if any.
• The net proceeds from this offering will be used for general corporate purposes, including increasing Medallion Bank's capital levels, growing its consumer loan portfolios, and redeeming some or all of its outstanding Series F Non-Cumulative Perpetual Preferred Stock.
• Piper Sandler & Co. and Lucid Capital Markets, LLC are acting as joint book-running managers, while A.G.P./Alliance Global Partners, B. Riley Securities, Inc., InspereX LLC, Ladenburg Thalmann & Co. Inc., Muriel Siebert & Co., LLC, Wedbush Securities Inc., and William Blair & Company, L.L.C. are acting as lead managers.
• The securities are neither insured nor approved by the Federal Deposit Insurance Corporation or any other Federal or state regulatory body.
• Medallion Bank's consumer loan portfolios are expected to grow, allowing the bank to increase its capital levels.
• The offering of the Series G Preferred Stock will help Medallion Bank to redeem some or all of its outstanding Series F Non-Cumulative Perpetual Preferred Stock, subject to the prior approval of the Federal Deposit Insurance Corporation.

Statistics:

• $1.00 per share: par value of the shares of the Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G.
• $25 per share: liquidation amount of the shares of the Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G.
• 30 days: the option period granted to the underwriters to purchase additional shares of the Series G Preferred Stock solely to cover over-allotments, if any.
• $[unknown]: the expected growth in Medallion Bank's consumer loan portfolios.
• $[unknown]: the amount that Medallion Bank intends to redeem from its outstanding Series F Non-Cumulative Perpetual Preferred Stock.
• [unknown]: the percentage of outstanding Series F Non-Cumulative Perpetual Preferred Stock that Medallion Bank intends to redeem.

Sources:

• Globeswire (MIL-OSI) - "Medallion Bank Announces Launch of Public Offering of Shares of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G"
• Medallion Bank Official Website - Press Release "Medallion Bank Announces Launch of Public Offering of Shares of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G"