Medallion FinancialNASDAQ: MFIN

Includes $5.0 Million of Incremental Notes, Extends Maturity, and Lowers Interest Rate Includes $5.0 Million of Incremental Notes, Extends Maturity, and Lowers Interest Rate

Results Indicate that Shareholders have Decisively Elected Medallion's Director Nominees and Supported the Company's Approach to Executive Compensation – Both by an Extremely Wide Margin

MINNEAPOLIS--(BUSINESS WIRE)--ZimCal Asset Management, LLC, and its affiliates BIMIZCI Fund LLC, Warnke Investments LLC and Stephen Hodges (collectively “ZimCal”) issue a final and persuasive summary outlining the need for change at Medallion Financial Corp. (“MFIN”). ZimCal believes the upside potential for MFIN is tremendous if it can implement common-sense changes. ZimCal asks ALL stockholders to vote for its exceptional candidates to MFIN's Board of Directors (the “Board”) using the WHITE p.

NEW YORK, May 28, 2024 (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, today announced that it is set to join the broad-market Russell 3000 Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective at the open of US equity markets on Monday, July 1, according to a preliminary list of additions posted Friday, May 24.

MINNEAPOLIS--(BUSINESS WIRE)--ZimCal Asset Management, LLC and its affiliates BIMIZCI Fund LLC, Warnke Investments LLC and Stephen Hodges (collectively “ZimCal”) were recently subjected to false and defamatory attacks by Medallion Financial Corp. (“Medallion”). In an effort to gain an unfair advantage in the proxy contest and damage ZimCal, Medallion included untrue statements in its solicitation material regarding discussions between ZimCal and Medallion about a potential collaboration.

Medallion Financial (MFIN) reported quarterly earnings of $0.42 per share, surpassing the Zacks Consensus Estimate of $0.35 per share. This is lower than the earnings of $0.67 per share from the previous year.

Medallion Financial has shifted its focus from taxi driver lending to providing loans for recreational and home improvement purposes. In 2023, the bank saw significant growth in net interest income and net income after taxes, reaching $61 million. The bank's success is largely attributed to its strong loan portfolio and customer base, particularly in the home improvement sector. Medallion Financial lends to customers with good credit scores and maintains a high average interest rate of 12.87%.

While the top- and bottom-line numbers for Medallion Financial (MFIN) give a sense of how the business performed in the quarter ended December 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Medallion Financial (MFIN) came out with quarterly earnings of $0.60 per share, missing the Zacks Consensus Estimate of $0.61 per share. This compares to earnings of $0.57 per share a year ago.