Medallion Financial announces pricing of Series G preferred stock offering
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 16 2025
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Public Offering Details: Medallion Bank has announced a public offering of 3,000,000 shares of its Series G Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, with a par value of $1.00 and a liquidation amount of $25 per share, totaling $75 million. Dividends will be paid at a fixed rate of 9.00% until July 1, 2030, after which it will adjust based on the five-year U.S. Treasury rate plus 4.94%.
Use of Proceeds and Closing Date: The net proceeds from the offering will be used for general corporate purposes, including capital increases and consumer loan portfolio growth. The offering is expected to close on May 22, 2025, pending customary closing conditions.
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About MFIN
Medallion Financial Corp. is a specialty finance company that originates and services a portfolio of consumer loans and mezzanine loans in various industries. It conducts its business through various wholly owned subsidiaries, including its primary operating company, Medallion Bank (the Bank), an industrial bank that originates consumer loans, raises deposits, and conducts other banking activities. It provides loans to individuals and small to mid-size businesses, through its subsidiaries, under four segments: loans that finance consumer purchases of recreational vehicles, boats, collector cars, and other consumer recreational equipment; loans that finance consumer home improvements; loans that finance commercial businesses; and loans that finance taxi medallions. It also conducts business through its subsidiaries Medallion Capital, Inc., a small business investment company, which conducts a mezzanine financing business; Medallion Funding LLC; and Freshstart Venture Capital Corp.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Net Interest Margin Improvement: The net interest margin rose to 8.51%, up from 8.28% in the prior year quarter, indicating effective asset-liability management in the current interest rate environment, thereby improving profitability.
- Increase in Strategic Partnership Loans: Loan originations from strategic partnerships grew to $258.3 million, up from $123.7 million in the prior year quarter, showcasing the company's success in expanding its lending business and further solidifying its market position.
- Increase in Credit Loss Provisions: Total provision for credit losses was $26.3 million, compared to $20.5 million in the prior year quarter, which includes a non-recurring $2.6 million charge, reflecting the company's cautious approach to potential risks.
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