Medallion Financial Announces Approval and Participation in US Treasury Program to Accelerate Small Business Lending

Medallion Financial Corp. TAXI announced that Medallion Bank, the Company's unconsolidated wholly-owned portfolio company received an investment of approximately $26.3 million in Medallion Bank's preferred stock from the United States Department of the Treasury under the Small Business Lending Fund. The SBLF is a voluntary program intended to encourage small business lending by providing capital to qualified smaller banks at favorable rates. In connection with the investment, the Bank exited the TARP Capital Purchase Program by redeeming all $22.3 million of the preferred stock outstanding under that program. In addition, Medallion Bank received additional funds of approximately $3.95 million. These new funds will be leveraged into new loan growth