Medallion Bank announced a change in the benchmark rate for its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F. Effective April 1, 2025, upon the commencement of the floating rate period, the dividend rate will be determined using three-month CME Term SOFR.
This adjustment means that for each dividend period during the floating rate phase, the benchmark rate will be based on Term SOFR. The dividend payment rate determination date for 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 Stock continues to trade on the Nasdaq Capital Market under the ticker symbol 'MBNKP'. This change is a standard financial instrument adjustment to align with current market practices for floating rate securities.
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