NEW YORK--(BUSINESS WIRE)--
Medallion Financial Corp. (Nasdaq: MFIN, “Medallion Financial”)
announced today that its wholly owned subsidiary, Medallion Bank, has
launched an initial public offering of shares of its Series F
Fixed-to-Floating Rate Noncumulative Perpetual Preferred Stock, par
value $1.00 per share, with a liquidation preference of $25 per share
(the “Series F Preferred Stock”). Medallion Bank’s Series F Preferred
Stock is expected to trade on the Nasdaq Capital Market under the ticker
symbol “MBNKP.” Medallion Bank will remain a wholly owned subsidiary of
Medallion Financial upon completion of the offering.
Medallion Bank expects to grant the underwriters a 30-day option to
purchase additional shares of the Series F Preferred Stock solely to
cover over-allotments, if any.
Medallion 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.
Sandler O’Neill + Partners, L.P. is acting as book-running manager. B.
Riley FBR, Northland Capital Markets, Incapital LLC, Wedbush PacGrow and
American Capital Partners, LLC are acting as co-managers.
The offering will be made only by means of an offering circular. A
registration statement on Form 10 relating to the securities has been
filed with the Federal Deposit Insurance Corporation but has not yet
become effective. This 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 registration or qualification under the securities
laws of that jurisdiction. The securities are neither insured nor
approved by the Federal Deposit Insurance Corporation or the Utah
Department of Financial Institutions.
The preliminary offering circular relating to the offering and the
registration statement on Form 10 are available at
medallionbankoffering.com. In addition, copies of the preliminary
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 syndicate@sandleroneill.com.
About Medallion Financial and Medallion Bank
Medallion Financial Corp. is a finance company that originates and
services loans in various industries.Medallion Financial Corp.
has lent more than $8 billion since its initial public offering in 1996.
Medallion Bank is a Utah-chartered, FDIC-insured industrial bank
headquartered in Salt Lake City, Utah.Medallion Bank specializes
in providing consumer loans for the purchase of recreational vehicles,
boats and trailers and for home improvements such as replacement windows
and roofs.
This press release contains “forward-looking statements”, which
reflect Medallion Financial’s current views with respect to future
events and which address matters that are, by their nature, inherently
uncertain and beyond Medallion Financial’s control. These statements are
often, but not always, made through the use of words or phrases such as
“expect” and “intend”or the negative version of those words or
other comparable words or phrases of a future or forward-looking nature.
These statements relate to the offering of shares of the Series F
Preferred Stock, the anticipated use of the net proceeds by Medallion
Bank and the grant to the underwriters of an option to purchase
additional shares of the Series F Preferred Stock. No assurance can be
given that the transaction discussed above will be completed on the
terms described, or at all. Completion of the offering on the terms
described, including the grant of the option to the underwriters, and
the application of net proceeds, are subject to numerous conditions,
many of which are beyond the control of Medallion Financial. Medallion
Financial undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. For a description
of certain risks to which Medallion Financial is or may be subject,
please refer to the factors discussed under the heading “Risk Factors,”
in Medallion Financial’s 2017 Annual Report on Form 10-K.For a
description of certain risks to which Medallion Bank is or may be
subject, please refer to the factors discussed under the captions
“Cautionary Note Regarding Forward-Looking Statements” and “Risk
Factors” included in the preliminary offering circular attached as
Exhibit 99.1 to Medallion Bank’s Form 10 filed with the Federal Deposit
Insurance Corporation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190108005605/en/
Company Contact:
Alex Arzeno
Investor
Relations
212-328-2176
InvestorRelations@medallion.com
Source: Medallion Financial Corp.