NEW YORK--(BUSINESS WIRE)--
Medallion Financial Corp. (Nasdaq: MFIN, “Medallion Financial”) announced today that its wholly owned subsidiary, Medallion Bank, has submitted confidential draft offering materials to the Federal Deposit Insurance Corporation in connection with an anticipated initial public offering of a series of preferred stock. Medallion Bank will remain a wholly owned subsidiary of Medallion Financial Corp. upon completion of the offering. The timing, size and other terms of the offering have not yet been determined. Medallion Bank would pay a yet to be determined dividend rate on the preferred stock. If completed, Medallion Financial anticipates that the offering would be accretive for Medallion Bank and Medallion Financial.
This press release 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.
About Medallion Financial Corp. and Medallion Bank
Medallion Financial Corp. is a commercial finance company that originates and services loans in various industries, and its wholly-owned subsidiary, Medallion Bank, also originates and services consumer loans. Medallion Financial Corp. has lent more than $8 billion since its initial public offering in 1996.
Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales, net investment income, earnings, and growth. Medallion Financial’s and Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, those factors discussed under the heading “Risk Factors,” in Medallion Financial’s 2017 Annual Report on Form 10-K. In addition, statements about the offering are subject to the risk that the offering may not occur.