Medallion Bank Announces Closing of Series G Preferred Stock Offering
Medallion Bank's Public Offering: Medallion Bank has successfully closed a public offering of 3,100,000 shares of its Series G Preferred Stock, raising an aggregate amount of $77.5 million, which will be used for general corporate purposes including potential capital growth and redeeming previous preferred stock.
Trading and Regulatory Information: The Series G Preferred Stock began trading on the Nasdaq under the ticker "MBNKO" on May 22, 2025, and the offering was exempt from registration requirements, with no assurance given regarding future redemption of the Series F Preferred Stock.
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Medallion Bank Sees Profit Growth in Q3
Earnings Overview: Medallion Bank reported third-quarter earnings of $13.99 million, slightly up from $13.97 million in the same period last year.
Revenue Growth: The bank's revenue increased by 8.1%, reaching $58.17 million compared to $53.81 million in the previous year.
Medallion Bank Announces Third Quarter Results for 2025 and Declares Dividend for Series G Preferred Stock
Financial Performance: Medallion Bank reported a net income of $19.8 million for Q3 2025, an increase from $15.5 million in the same quarter last year, with net interest income rising to $55.9 million.
Loan Portfolio and Charge-offs: The total loan portfolio was $2.3 billion, with annualized net charge-offs decreasing to 2.28% of average loans, reflecting improved performance in home improvement loans.
Recreation and Home Improvement Lending: The recreation loan portfolio was $1.546 billion, with originations slightly up, while home improvement loans saw a decline in originations to $59.7 million compared to the previous year.
Preferred Stock Dividend: The Bank's Board declared a quarterly cash dividend of $0.5625 per share on its Series G preferred stock, payable on January 2, 2026, to shareholders of record by December 15, 2025.
