Profile: Medallion Financial Corp (TAXI.O)
26 Feb 2015
Medallion Financial Corp., incorporated on October 20, 1995, is a financial institution holding company. The Company, through its subsidiaries, is engaged in originating, acquiring and servicing loans that finance taxicab medallions and various types of commercial businesses. The Company’s wholly owned subsidiary, Medallion Bank, also originates consumer loans for the purchase of recreational vehicles, boats, motorcycles and trailers, and to finance small-scale home improvements.
The Company provides loans to individuals and small to mid-size businesses, both directly through the Company’s investment company subsidiaries and also through Medallion Bank, in three primary markets: loans that finance taxicab medallions; loans that finance commercial businesses, and loans that finance various consumer purchases. Commercial loans finance either the purchase of the equipment and related assets necessary to open a new business or the purchase or improvement of an existing business. Through the Company’s subsidiary Medallion Capital, it originates both senior and subordinated loans nationwide to businesses in a variety of industries, including manufacturing and various service providers, more than a third of which are located in the upper Midwest and Great Lakes region, with the rest scattered across the country.
The Company’s net investments, as of December 31, 2013, total $1.14 billion. The Company’s total investment securities amount to $24.46 million, as of December 31, 2013.
Sources of Funds
The Company funds its lending operations through credit facilities with bank syndicates and, to a lesser degree, through equity or debt offerings or private placements, and fixed-rate, senior secured notes and long-term subordinated debentures issued to or guaranteed by the Small Business Administration (SBA). All of Medallion Bank’s funding has been provided by Federal Deposit Insurance Corporation (FDIC) insured brokered certificates of deposit. The Company’s deposits and other borrowings total $682.34 million, as of December 31, 2013.
Medallion Financial Corp
38TH FLOOR, 437 MADISON AVE
NEW YORK NY 10022