Medallion Financial Corp (MFIN) News & EventsMFINMedallion Financial Corp

Medallion Financial Reports Q3 Net Book Value Per Share of $17.73

Reports Q3 net book value per share $17.73. Andrew Murstein, President and Chief Executive Officer of Medallion Financial Corp., commented, "Our third quarter results further demonstrate the strength of our consumer lending platform. We continued to grow our loan portfolio, with total assets reaching a record level of more than $3.3 billion. During the quarter, recreation and home improvement loans increased 5% and 7%, respectively, from last quarter. They have grown 16% and 18% over the past twelve months. Total loan originations increased 41% year-over-year to $603.9 million. We are especially pleased with the growth in our home improvement loan origination volume, which grew by 145% in this quarter from last year."

Medallion Financial Repurchases $15M Preferred Securities

Medallion Financial announced that it has entered into a purchase and settlement agreement with BIMIZCI Fund and ZimCal Asset Management. Pursuant to the agreement, the company has agreed to repurchase from BIMIZCI trust preferred securities with a liquidation amount of $15M for 73.66% of face value. The investor parties have also agreed to a five-year standstill prohibiting any proxy solicitation or other campaigns against the company and to dispose of any remaining shares of Medallion common stock by December 31. The agreed purchase price for the trust preferred securities is $11.049M, plus accumulated distributions through the date of the repurchase. The company will record a gain from the repurchase in Q4, representing the difference between the $15M carrying value of the trust preferred securities and the cost to acquire. The transaction is subject to customary closing conditions and is expected to close within thirty days.

Medallion Bank Forms Strategic Partnership with rFinance

Medallion Bank announced a strategic relationship with rFinance Credit Company. The bank is a wholly owned subsidiary of Medallion Financial Corp. rFinance is a financial technology company specializing in consumer financing solutions for the purchase of replacement window and door products and services from Renewal by Andersen retailers. Under this relationship, Medallion Bank originates consumer loans, while rFinance administers the loan program and manages the customer experience from application through servicing. The relationship represents the sixth fintech in the bank's strategic partnership program, which continues to be an important driver of growth and diversification for the bank. Total strategic partnership loans originated increased to $417M year-to-date through June 30.