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Medallion Bank Announces Benchmark Rate for Certain Preferred Stock

1. Medallion Bank's preferred stock transitions to floating rates on April 1, 2025. 2. Dividend rates will be based on three-month CME Term SOFR. 3. Medallion Bank specializes in consumer loans and works with various service providers. 4. The bank is a wholly owned subsidiary of Medallion Financial Corp (MFIN).

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FAQ

Why Bullish?

The transition to floating rates may increase dividend attractiveness, benefiting MFIN investors.

How important is it?

Changes to dividend rates can directly influence stock performance and investor interest.

Why Short Term?

The immediate effect of the floating rate will be felt soon after April 1.

Related Companies

MBNKP
March 28, 2025 16:01 ET  | Source: Medallion Financial Corp. SALT LAKE CITY, March 28, 2025 (GLOBE NEWSWIRE) -- Medallion Bank (Nasdaq: MBNKP, the “Bank”) today announced that, upon the commencement of the floating rate period for the Bank’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F (the “Series F Preferred”) on April 1, 2025, the benchmark rate used to determine the dividend rate for each dividend period during the floating rate period will be three-month CME Term SOFR (“Term SOFR”). In addition, the dividend payment rate determination date for determining Term SOFR will be the second U.S. government securities business day preceding the first day of the relevant dividend period. The Series F Preferred trades on the Nasdaq Capital Market under the ticker symbol “MBNKP.” 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. (Nasdaq: MFIN). For more information, visit www.medallionbank.com Company Contact:Investor Relations212-328-2176InvestorRelations@medallion.com

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