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Medallion Financial's bank unit launches public offering of preferred shares

Medallion Financial Corp.'s unit Medallion Bank launched an initial public offering of its series F fixed-to-floating rate noncumulative perpetual preferred shares with a liquidation amount of $25 per share.

The unit expects to grant the underwriters a 30-day option to purchase additional shares of the series F preferred stock to cover any overallotments. The shares are expected to trade on the Nasdaq Capital Market under the ticker symbol MBNKP.

Medallion Bank intends to use the net proceeds from this offering for general corporate purposes, which may include increasing Medallion Bank's capital levels, growing its consumer loan portfolios or redeeming some or all of its outstanding senior series E noncumulative perpetual preferred stock, subject to the prior approval of the Federal Deposit Insurance Corp.

Medallion Bank will remain a wholly owned unit of Medallion Financial following the completion of the offering.

Sandler O'Neill & Partners LP, B. Riley FBR and Ladenburg Thalmann are the joint book-running managers. BB&T Capital Markets is lead manager, and Wedbush Securities is co-manager.