Medallion Financial Celebrates Medallion Capital's 25-Year Milestone
NEW YORK, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today that its subsidiary, Medallion Capital, is celebrating the milestone anniversary of its 25th year of being part of Medallion Financial. Over this time, Medallion Capital has provided over $400 million of capital to 110 different companies.
Andrew Murstein, President and COO of Medallion Financial Corp.
“We are pleased to honor Medallion Capital with this significant milestone. Over the past 25 years, the acquisition of Medallion Capital has added to the Company’s performance, diversification, and returns. This performance has been driven by Medallion Capital’s underwriting process, its ability to choose the right companies to fund, and its strong track record of exits on the equity components it gets with most deals. We are honored to celebrate this significant milestone in partnership with the talented team at Medallion Capital.”
Stephen Lewis, President of Medallion Capital
“Since we started, we have been focused on helping small businesses thrive. Over this time, we have been able to steadily grow our business prudently and deliver strong bottom line performance. For a quarter of a century, we have been emboldened by working with our borrowers to help them grow, diversify, or transition some very remarkable businesses. Working with a parent that is as strong and stable as MFIN, gives us an advantage and provides us with a powerful platform to execute our growth strategy going forward.”
Medallion Capital is a Small Business Investment Company (“SBIC”), which offers creative, flexible, and timely senior subordinated or mezzanine debt solutions nationwide, primarily for ownership transitions. Average investments are approximately $3 million, serving middle market companies. Originally part of Control Data Corporation, the fund was purchased in 1987 by a group of investors, some of whom are still involved with the fund today. Shortly after, the company was renamed Capital Dimensions and operated as a Specialized Small Business Investment company (“SSBIC”), providing mezzanine financing to socially disadvantaged business owners. In 1998, the company was acquired by MFIN. and converted to an SBIC, enabling the company to make larger investments and expand the pool of borrowers it targets.
About Medallion Financial Corp.
Medallion Financial Corp. (NASDAQ:MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit www.medallion.com.
Forward-Looking Statements
Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, net interest income and expenses, other expenses, earnings, growth, and our growth strategy. These statements are often, but not always, made using words or phrases such as “will” and “continue” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to future public announcements of our earnings, the impact of the pending SEC litigation, expectations regarding our loan portfolio, including collections on our medallion loans, the potential for future asset growth, and market share opportunities. Medallion’s actual results may differ significantly from the results discussed in such forward-looking statements. For example, statements about the effects of the current economy, whether inflation or the risk of recession, operations, financial performance and prospects constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond Medallion’s control. In addition to risks relating to the current economy, for a description of certain risks to which Medallion is or may be subject, including risks related to the pending SEC litigation, please refer to the factors discussed under the heading “Risk Factors” in Medallion’s 2022 Annual Report on Form 10-K.
Company Contact:
Investor Relations
212-328-2176
InvestorRelations@medallion.com
