Medallion Financial Corp. (Nasdaq:TAXI), a specialty finance company with a leading position servicing the taxicab industry and other niche markets, announced that it has acquired the assets of Newark Funding Corp., a Newark, New Jersey taxi medallion loan brokerage company.
Andrew Murstein, President of Medallion Financial stated, “We are very pleased with this acquisition because it helps further solidify our position as a medallion lending market leader. Newark is a great cab market due in part to the continued growth of the airport business through the years. This acquisition gives us a new customer base and enhances our street level presence there to service our existing customers better as well as add new ones. Additionally, we are excited to have Robin Silver Newman join our team and look forward to working together to expand our business within the Newark market.”
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 the 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, and growth. Medallion’s actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, those factors discussed under the heading “Risk Factors,” in Medallion’s 2013 Annual Report on Form 10-K.