MFIN 8-K
Medallion Financial Corp (MFIN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 7.01 Regulation FD Disclosure
On May 29, 2025, Medallion Bank (the “Bank”), a wholly owned subsidiary of Medallion Financial Corp. (the “Company”), issued a press release announcing that the Bank will redeem all 1,840,000 outstanding shares of the Bank’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, CUSIP No. 58403B205 (the “Series F Preferred Stock”) at the redemption price of $25.00 per share ($46,000,000 in the aggregate) on July 1, 2025.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in the press release is being furnished, not filed, pursuant to Item 7.01. Accordingly, the information in the press release will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are being filed with this Current Report on Form 8-K:
99.1 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 29, 2025
MEDALLION FINANCIAL CORP. |
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By: |
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/s/ Anthony N. Cutrone |
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Name: Anthony N. Cutrone |
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Title: Chief Financial Officer |
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Exhibit 99.1
FOR IMMEDIATE RELEASE:
Medallion bank Announces redemption OF its series f preferred stocK
New York, NY – May 29, 2025 – Medallion Bank (Nasdaq: MBKNP; MBNKO), an FDIC-insured bank providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners, announced today that on July 1, 2025 (the “Redemption Date”) it will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F (the “Series F Preferred Stock”) (Nasdaq: MBKNP) at the redemption price of $25.00 per share (the “Redemption Price”).
Because the Redemption Date is a dividend payment date for the Series F Preferred Stock, the Redemption Price does not include declared and unpaid dividends. The regular quarterly dividend on the Series F Preferred Stock was separately declared and will be paid separately on July 1, 2025 to holders of record on the record date for such dividend payment in the customary manner.
On and after the Redemption Date, the Series F Preferred Stock will no longer be deemed outstanding and dividends on the shares of Series F Preferred Stock will cease to accrue.
All shares of Series F Preferred Stock are held in book-entry form through The Depository Trust Company (“DTC”) and will be redeemed in accordance with the procedures of DTC.
Equiniti Trust Company, LLC is the transfer agent, registrar and redemption agent for the Series F Preferred Stock.
Equiniti Trust Company, LLC’s address and telephone number are as follows:
First Class/Registered/Certified
Equiniti Trust Company, LLC
Operations Center, Attn: Reorganization Department
55 Challenger Road, Suite 200
Ridgefield Park, New Jersey 07660
718-921-8317
Investors in the Series F Preferred Stock should contact the bank or broker through which they hold a beneficial interest in the Series F Preferred Stock for information about obtaining the Redemption Payment for the Series F Preferred Stock in which they have a beneficial interest.
About Medallion Bank
Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp.
Company Contact:
Investor Relations
212-328-2176