Medallion Financial Announces Completion of Private Placement of $30 Million of Senior Unsecured Notes

Medallion Financial Corp. (Nasdaq: MFIN, “Medallion Financial” or the
“Company”) announced today that it has completed a private placement of
$30 million aggregate principal amount of fixed rate senior unsecured
notes to certain institutional investors. The notes will mature on March
22, 2024 and bear a fixed interest rate of 8.25% per year, paid
semi-annually, commencing on September 22, 2019. The notes received an
investment grade rating of A minus by Egan-Jones.

“We are pleased to announce the closing of this raise,” stated Andrew
Murstein, President of Medallion Financial. “The proceeds of this
offering will be used in part to increase our capital base at Medallion
Bank, to pay down certain existing outstanding debt and for other
general corporate purposes. We are pleased with the high level of
interest this offering received from investors and their belief in the
success of Medallion Financial’s business model.”

Sandler O’Neill + Partners, L.P. acted as sole placement agent for the
offering.

The offer and sale of the notes have not been registered under the
Securities Act of 1933, or any state securities laws, and the notes may
not be offered or sold in the United States absent registration or an
applicable exemption from, or in a transaction not subject to the
registration requirements of the Securities Act and applicable state
laws.

This press release is for informational purposes only and does not
constitute an offer to sell or a solicitation of an offer to buy the
notes or any other securities of the Company, nor shall there be any
sale of the notes or any other securities of the Company in any state or
other jurisdiction in which, or to any person to whom, such offer,
solicitation or sale is unlawful.

About Medallion Financial Corp.

Medallion Financial Corp. is a finance company that originates and
services loans in various industries, and its wholly-owned subsidiary,
Medallion Bank, also originates and services consumer loans. Medallion
Financial Corp. has lent more than $8 billion since its initial public
offering in 1996.

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 Financial’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 Financial’s 2018 Annual Report on Form 10-K.

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