Medallion Bank reopens Series G preferred stock offering to fund debt redemption
What's the deal? Medallion BankDealroom has a profile for this one. Try Dealroom → has launched a public offering of additional shares of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G. The reopening builds on the bank's original Series G issuance from May 22, 2025, with the stock trading on the Nasdaq Capital Market under the ticker "MBNKO." Each share carries a par value of $1.00 and a liquidation amount of $25.
Who they are: Medallion Bank is a Utah-chartered, FDIC-insured industrial bank based in Salt Lake City. It provides consumer loans for recreational vehicles, boats, and home improvements, plus loan origination services to fintech partners. The bank remains a wholly owned subsidiary of Medallion Financial CorpDealroom has a profile for this one. Try Dealroom →.
What's the money for? Medallion Bank intends to use net proceeds for general corporate purposes. That may include redeeming some or all of its outstanding Senior Series E Non-Cumulative Perpetual Preferred Stock, subject to prior approval from the Federal Deposit Insurance Corporation.
Who's running it: Piper Sandler & Co.Dealroom has a profile for this one. Try Dealroom →, Lucid Capital MarketsDealroom has a profile for this one. Try Dealroom →, Muriel Siebert & Co.Dealroom has a profile for this one. Try Dealroom →, A.G.P. / Alliance Global PartnersDealroom has a profile for this one. Try Dealroom →, and Ladenburg Thalmann & Co.Dealroom has a profile for this one. Try Dealroom → are joint book-running managers. William Blair & CompanyDealroom has a profile for this one. Try Dealroom →, InspereX, B. Riley SecuritiesDealroom has a profile for this one. Try Dealroom →, and Clear Street are lead managers. Underwriters expect a 30-day option to buy additional shares to cover over-allotments.
The fine print: The offering is exempt from Securities Act registration and will be made only through an offering circular. The securities are neither insured nor approved by the FDIC or any other regulatory body.
The signal: Reopening an existing preferred series lets a bank tap fresh capital while refinancing costlier debt on its balance sheet. For Medallion Bank, swapping Series E for Series G is a routine but telling move to manage its capital stack in a shifting rate environment.
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