Below are press releases from companys with preferred stock or baby bonds outstanding – or just of general interest.
Bank of America Announces Earnngs
Brunswick Corporation Declares Quarterly Dividend
CareCloud Announces Major Credentialing Partnership with Leading Healthcare Technology Company
Medallion Financial Celebrates Medallion Capital’s 25-Year Milestone
Equitable Holdings, Inc. Schedules Announcement of Third Quarter 2023 Results
Rithm Capital Corp. Schedules Third Quarter 2023 Earnings Release and Conference Call
Hancock Whitney Reports Third Quarter 2023 EPS of $1.12
Fulton Financial Corporation Announces Third Quarter 2023 Results
Like good hot pastrami, yellow cabs are an urban legend, so I’m surprised to see that Medallion is still around. Its sub, Medallion Bank, seems to be in the business of financing RVs, home improvements and fintech.
The parent started out financing taxi medallions, a safe asset like low coupon treasuries that can’t lose value, unless the government changes its policies by raising interest rates or flooding the streets with unregulated competitors like Ubers. (Taxi Medallion peak value, ~1 million; September last sales ~175K. Ouch.) A quick Google shows that the saga continues with unhappy drivers upset at the Big City for pulling the rug out from under them and leaving them with large debts secured by a deflated asset.
Reports are that just a small piece of the legacy taxi medallion business is left on the parent’s books, but I didn’t check. I have no interest in adding a bank with a consumer finance portfolio.
I didn’t research the bank. According to Bank Tracker’s stale data (6/22), capital ratios looked OK,. Problem loans jumped in the 2020 pandemic year and fell back down to pre-pandemic levels in 2021. Problem loan levels have bounced around a lot. The preferred floats in 2025 with a nice bump. DYODD
Disclosure: I ride the subway. I take a yellow cab when I don’t want to walk through Hell’s Kitchen alone at night. I have never been in an Uber. No position in Medallion.