Exhibit 99.1





NEW YORK, NY – May 6, 2019 – Medallion Financial Corp. (Nasdaq: MFIN, “Medallion” or the “Company”), a finance company that originates and services loans in various consumer and commercial niche industries, announced today its 2019 first quarter results. Effective April 2, 2018, Medallion Financial Corp. withdrew its BDC election, and now operates as a finance company following the reporting conventions of bank holding companies, which began with the 2018 second quarter. A major component of this change is that we now consolidate wholly-owned or controlled subsidiaries, particularly Medallion Bank, which were previously treated as unconsolidated portfolio investment companies.

2019 First Quarter Highlights



Net income was $1.2 million, or $0.05 per share, compared to a net loss of $14.9 million, or $0.62 per share, in the prior year period



Total assets were $1.43 billion as of March 31, 2019



Net interest income was $22.3 million, reflecting primarily the contributions of the consumer lending segments



Net income from Medallion’s consumer and commercial segments totaled $6.6 million in the quarter



Net interest margin was 8.56% in the 2019 first quarter, the highest in over 10 years, compared to 6.96% in the prior year period on a combined basis with Medallion Bank



90 day plus medallion loan delinquencies decreased to $4.0 million or 2.5% of gross medallion loans, down from $53.2 million or 13.7% in the 2018 first quarter when combined with Medallion Bank



The provision for medallion loan losses was $5.3 million in the 2019 first quarter compared to $62.7 million in the prior year period, recorded as non-cash valuation adjustments and realized losses/charge-offs when combined with Medallion Bank



The net medallion portfolio now stands at $140 million, down from $319 million one year ago when combined with Medallion Bank, a decrease of 56%



Medallion Bank’s Tier 1 leverage ratio at quarter-end improved to 16.56% compared to 15.85% in the prior quarter

Andrew Murstein, President of Medallion, stated, “The first quarter was another successful step in the right direction as we continue to reduce our medallion exposure and losses while growing our highly profitable consumer lending segments and exploring opportunities to expand our profitable commercial portfolio. We were also successful in raising $30 million in a private placement of senior unsecured notes that were investment grade rated. This will give us the capital we need to continue to grow our business lines and execute on our strategy.”

Mr. Murstein continued: “The consumer and commercial lending segments will continue to be the drivers in 2019. The Company recorded $22.3 million of net interest income, reflecting a strong net interest margin of 8.56%. Medallion Bank’s Tier 1 leverage ratio is now above 16.5%, demonstrating the Bank is well positioned for 2019 as their consumer portfolio continues to grow. In addition, the Bank’s net interest margin was 9.36% for the first quarter, up from 9.08% recorded in the prior year period and is in the top tier nationally. The Bank’s low efficiency ratio of 38.6 is also another impressive figure worth noting when compared to other banks. We originated $92 million in consumer loans in the quarter. We currently have over 2,500 dealers in all 50 states referring business to us and our pipeline looks promising, especially in the coming months during the spring and summer periods when home improvements, recreational vehicles and boats are in high demand.”

The following information was filed by Medallion Financial Corp (MFIN) on Monday, May 6, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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