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Medallion Financial Corp. Announces Postponement of Initial Public Offering of Preferred Stock by Medallion Bank

NEW YORK--(BUSINESS WIRE)--

Medallion Financial Corp. (Nasdaq: MFIN, “Medallion Financial”) announced today that its wholly owned subsidiary, Medallion Bank, was postponing its previously announced initial public offering of shares of its Series F Fixed-to-Floating Rate Noncumulative Perpetual Preferred Stock, par value $1.00 per share, with a liquidation preference of $25 per share (the “Series F Preferred Stock”).

A registration statement on Form 10 relating to the Series F Preferred Stock has been filed with the Federal Deposit Insurance Corporation but has not become effective. This press release is for informational purposes only and 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 and Medallion Bank

Medallion Financial Corp. is a finance company that originates and services loans in various industries. Medallion Financial Corp. has lent more than $8 billion since its initial public offering in 1996.

Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City, Utah. Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats and trailers and for home improvements such as replacement windows and roofs.

This press release contains, and from time to time the management of Medallion Financial Corp. may make, “forward-looking statements”, which reflect Medallion Financial’s current views with respect to future events and which address matters that are, by their nature, inherently uncertain and beyond Medallion Financial’s control. These statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “might,” “could,” “should,” “would,” “project,” “anticipate,” “expect,” “intend,” “seek,” “believe,” “plan,” “goal,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements may relate to, among other things, the postponement of the initial public offering of the Series F Preferred Stock. No assurance can be given that the transaction discussed above will be completed. The completion of the offering, is subject to numerous conditions, many of which are beyond the control of Medallion Financial. Medallion Financial undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For a description of certain risks to which Medallion Financial is or may be subject, please refer to the factors discussed under the heading “Risk Factors,” in Medallion Financial’s 2017 Annual Report on Form 10-K.

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