Medallion Bank Utah 9% Perpetual Preferred Stock

Medallion Bank Utah 9% Perpetual Preferred Stock is a fixed-rate reset, non-cumulative perpetual preferred equity issued by Medallion Bank, a Utah-chartered, FDIC-insured industrial bank specializing in consumer financing for recreational vehicles, boats, and home improvements. This preferred stock offers holders a fixed 9% annual dividend payable quarterly until July 1, 2030, after which the dividend rate will reset based on the five-year U.S. Treasury rate plus a spread, providing a balance of predictable income and interest rate risk management. As a perpetual preferred stock, it has no maturity date, meaning the dividends continue indefinitely unless redeemed by the issuer. The stock carries a liquidation amount of $25 per share and is designed to enhance Medallion Bank's capital base for general corporate purposes, including growing its consumer loan portfolio. Trading under the symbol MBNKO, it plays a significant role in the bank's capital structure as a preferred equity instrument that prioritizes dividend payments over common stock while lacking voting rights. This issuance provides investors with a steady income stream tied to a specialized financial institution focused on non-prime consumer lending through dealers and contractors across the U.S.