Medallion Bank Closed Series G Preferred Stock Offering
The Salt Lake City-based bank raised $55 million through a public offering of its new preferred shares.
Updated on Sept. 30, 2026 in Banking
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Medallion Bank has officially closed a public offering of 2,200,000 shares of its Series G preferred stock. The transaction represents an aggregate liquidation value of $55 million for the financial institution.
Why it matters
The company intends to use the net proceeds from this offering for general corporate purposes to support its ongoing operations. Additionally, management may seek regulatory approval to use the funds to redeem outstanding Series E preferred stock.
The Series G preferred stock was issued with a par value of $1.00 per share and a liquidation amount of $25 per share. Underwriters maintain a 30-day option to purchase up to 330,000 additional shares to cover potential over-allotments.
The players
Medallion Bank
This Salt Lake City-based institution is a wholly owned subsidiary of Medallion Financial and provides specialized banking services.
Medallion Financial
This publicly traded parent company owns Medallion Bank and manages a diverse portfolio of financial services and lending operations.
The details
The offering, which priced on September 23, 2026, was conducted via an offering circular and qualified for an exemption from the registration requirements of the Securities Act of 1933. Medallion Bank, headquartered in Salt Lake City, operates as a wholly owned subsidiary of Medallion Financial.
Timeline
September 23, 2026: The Series G preferred stock offering was priced.
September 30, 2026: Medallion Bank officially announced the closing of the offering.
30 days: This period marks the window for underwriters to exercise the over-allotment option.
Market Landscape
This capital raise mirrors a broader industry trend where mid-sized banks utilize preferred stock offerings to bolster balance sheets while maintaining capital flexibility. By accessing the Nasdaq Capital Market under ticker MBNKO, the firm positions itself to optimize its capital structure against regional competitors.
For retail investors and shareholders, this stock offering marks a change in the bank's capital stack that may influence ticker MBNKO's market performance. There are no immediate changes to consumer banking services or retail account terms for the bank's local clients.
The takeaway
This transaction provides Medallion Bank with an infusion of capital that can be used to streamline its existing financial obligations. Investors should monitor how the bank manages its potential Series E redemption to gauge future capital efficiency.
Further reading
For more on local industry trends, visit the Banking section.
More information
View the final offering circular for additional details on the terms of the Series G preferred stock.
Source note: This article includes information reported by The Manila times.
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