Marlin Business Services Corp. Announces Pricing of Initial Public Offering

Business Wire, Nov 12, 2003

Business Editors

MT. LAUREL, N.J.--(BUSINESS WIRE)--Nov. 12, 2003

Marlin Business Services Corp. (Nasdaq:MRLN) announced that it has priced its initial public offering of 4,400,000 shares of its common stock at $14.00 per share. Of the shares being offered, 3,113,267 shares are being offered by the Company and 1,286,733 shares are being offered by selling shareholders. The underwriters have a 30-day option to purchase up to an additional 467,988 shares of common stock from the Company and 192,012 shares from certain of the selling shareholders to cover over-allotments.

The net offering proceeds to the Company, after the payment of expenses related to the offering, will be approximately $38.8 million, and will be used to repay subordinated debt of $10.0 million plus accrued interest, to pay approximately $6.0 million of accrued dividends owed on preferred stock and for general corporate and working capital purposes. The Company will not receive any of the proceeds from the sale of common stock by the selling shareholders.

U.S. Bancorp Piper Jaffray is the lead manager for the offering and William Blair & Company is the co-manager. A final prospectus relating to the offering may be obtained from U.S. Bancorp Piper Jaffray at (800) 333-6000 or William Blair & Company at (800) 621-0687.

The transaction is scheduled to close on November 17, 2003, subject to the terms and conditions of the purchase agreement. Morgan, Lewis & Bockius LLP acted as counsel to Marlin Business Services Corp. Sidley Austin Brown & Wood LLP acted as counsel to the underwriters.

About Marlin Business Services Corp.

Marlin Business Services Corp is a nationwide provider of equipment leasing solutions primarily to small businesses. Marlin finances over 60 categories of commercial equipment, including copiers, telephone systems, computers and certain commercial and industrial equipment. Founded in 1997, Marlin is led by chairman and CEO Daniel P. Dyer and president Gary R. Shivers.

The registration statement relating to the common shares has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of such common shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from U.S. Bancorp Piper Jaffray or William Blair & Company.