Medallion Bank Prices $55M Series G Preferred Offering at 9% Yield
MBNKO is trading near its 52-week low of $24.565 (0.7% above the low) on elevated volume (19× avg).
Summary
Medallion Bank priced a $55 million reopening of its Series G preferred stock, adding 2.2 million shares at $25 liquidation value. The 9% fixed dividend until 2030 is a meaningful yield for income investors, and the deal is expected to close September 30. Proceeds may be used to redeem the higher-cost Series E preferred, which would lower the bank's cost of capital. The offering is a reopening of the May 2025 issuance, so it's an incremental capital raise rather than a new security. Underwriters have a 330,000-share over-allotment option, indicating potential demand. This is a routine but material capital event for a bank trading near its 52-week low.
At the time of this announcement, MBNKO was trading at $24.74 on NASDAQ in the Finance sector. The 52-week trading range was $24.56 to $26.49. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.