Medallion Bank completes $55 million preferred-share offering
Medallion Bank ($MFIN), a wholly owned subsidiary of Medallion Financial, closed an offering of 2.2 million Series G preferred shares with a $25 liquidation preference, representing $55 million of aggregate preference value. The securities are fixed-rate-reset, non-cumulative and perpetual. Underwriters also have a 30-day option for up to 330,000 additional shares; that potential issuance is separate from the completed offering. The bank intends to use net proceeds for general corporate purposes
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