Medallion Bank has priced a new issue of fixed rate reset preferred with an initial coupon of 9%. It will reset at the 5 year treasury plus a fixed spread of 4.94% on 7/1/2030–then reset every 5 years thereafter.
Medallion Bank is a division of Medallion Financial (MFIN).
Medallion Bank has a 8% fixed to floating issue outstanding (MBNKP) which is now floating at around 11% and they may call this issue with proceeds of the new offering.
Medallion Bank is regulated by the FDIC and all filings are on the FDIC website–NOT the SEC Edgar system.
If you go here and search for Medallion Bank you can access all of their filings.
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When I see that coupon rate it scares the BeeJesus out of me.
It shouldn’t thats their level. They’ve always been at least 1.5-2.0 above the best credits. The small size of the bank and the issue let you know it’s a thin issue. Now THATS concerning. I believe I hold positions in their 8’s?
I stand corrected. If this is medallion financial? It’s only a 200mm market cap.
FWIW, as of April 2025: https://weissratings.com/en/bank/57449
2024-Q4: https://www.depositaccounts.com/banks/medallion-bank.html
Good note Green-n-Gold. I wouldn’t ouch these folks—I lost interest way back when they mainly made loans on taxi medallions in NYC.