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Medallion Financial Corp. Announces Closing of Initial Public Offering of Preferred Stock by Medallion Bank
NEW YORK--(BUSINESS WIRE)-- Medallion Financial Corp. (Nasdaq: MFIN, “Medallion Financial”) announced today that its wholly owned subsidiary, Medallion Bank,
About this update from Medallion Financial Corp.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nMedallion Financial Corp. (Nasdaq: MFIN, “Medallion Financial”) announced today that its wholly owned subsidiary, Medallion Bank, has closed an initial public offering of 1,840,000 shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, par value $1.00 per share, with a liquidation amount of $25 per share (the “Series F Preferred Stock”) and an aggregate liquidation amount of $46 million, which includes the full exercise of the underwriters’ option to purchase an additional 240,000 shares of the Series F Preferred Stock. The offering priced on December 10, 2019.\n\n\nMedallion Bank’s Series F Preferred Stock commenced trading on the Nasdaq Capital Market under the ticker symbol “MBNKP” on December 17, 2019. Medallion Bank remains a wholly owned subsidiary of Medallion Financial after completion of the offering.\n\n\nMedallion Bank intends to use the net proceeds from this offering for general corporate purposes, which may include, among other things, increasing Medallion Bank’s capital levels, growing its consumer loan portfolios or redeeming some or all of its outstanding Senior Series E Non-Cumulative Perpetual Preferred Stock, subject to the prior approval of the Federal Deposit Insurance Corporation.\n\n\nSandler O’Neill + Partners, L.P., B. Riley FBR and Ladenburg Thalmann acted as joint book-running managers. BB&T Capital Markets acted as lead manager and Wedbush Securities acted as co-manager.\n\n\nThe offering was made only by means of an offering circular. A registration statement on Form 10 relating to the securities has been declared effective by the Federal Deposit Insurance Corporation. The final offering circular and the registration statement on Form 10 are available at medallionbankoffering.com. In addition, copies of the final offering circular may also be obtained from: Sandler O’Neill + Partners, L.P.; Attn: Syndicate, 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, by phone at (866) 805-4128 or by email at [email protected].\n\n\nThis press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to regi...