Salt Lake City-based Medallion Bank closed an initial public offering of 1,840,000 shares of its series F fixed- to floating-rate noncumulative perpetual preferred shares with an aggregate liquidation amount of $46 million, including the full exercise of the underwriters' option to buy an additional 240,000 shares.
The Medallion Financial Corp. unit intends to use the net proceeds from the transaction for general corporate purposes, which may include increasing its 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's series F preferred stock commenced trading on the Nasdaq Capital Market under the ticker symbol MBNKP on Dec. 17.
Sandler O'Neill & Partners LP, B. Riley FBR and Ladenburg Thalmann were the joint book-running managers for the offering. BB&T Capital Markets was lead manager and Wedbush Securities was co-manager.