Medallion Financial Corp. (Nasdaq: TAXI), a specialty finance company with a leading position servicing the taxicab industry and other niche markets announced that its wholly-owned subsidiary Medallion Bank has acquired a taxi medallion loan portfolio of over $10,000,000 from First National Bank of New York, the successor by merger to Madison Bank. The transaction is expected to be immediately accretive to earnings.
Andrew Murstein, President of Medallion stated, “This is one of many medallion loan portfolios that we have acquired since our IPO sixteen years ago. We are very pleased with this transaction and it has been a pleasure to work with a first class organization like First National Bank of New York. We hope to continue to grow our medallion portfolio through a combination of internal growth, new market expansion, a potential new taxi medallion auction in New York city, as well as future acquisitions. We have grown our medallion portfolio over 10% per year since our IPO. The taxi industry remains resilient in this economy and continues to have high taxi fleet utilization, and high taxi ridership levels. In addition, the loan to value ratio of our entire medallion portfolio is under 40%.”
Medallion Financial Corp. is a specialty finance company with a leading position in the origination and servicing of loans financing the purchase of taxicab medallions and related assets. The Company also originates and services loans in other commercial industries, and its wholly-owned portfolio company, Medallion Bank, also originates and services consumer loans. The Company and its subsidiaries have lent approximately $5 billion to its taxicab industry and other small businesses.
Please note that this press release contains forward-looking
statements that involve risks and uncertainties relating to business
performance, cash flow, costs, sales, net investment income, earnings,
Medallion’s actual results may differ significantly
from the results discussed in such forward-looking statements.
that might cause such a difference include, but are not limited to,
those factors discussed under the heading “Risk Factors,” in Medallion’s
2011 Annual Report on Form 10-K.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV