Medallion Bank Announces CEO Transition
Medallion Bank (Nasdaq: MBNKO), a subsidiary of Medallion Financial (Nasdaq: MFIN), announced a planned CEO transition effective mid-2026.
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Rhea-AI Summary
Medallion Bank (Nasdaq: MBNKO), a subsidiary of Medallion Financial (Nasdaq: MFIN), announced a planned CEO transition effective mid-2026.
Donald Poulton will retire as CEO on June 30, 2026, then join the board as Risk Committee Chair, while Justin Haley, President since January 2026 and an employee since 2011, becomes CEO on July 1, 2026.
The bank highlights $2.6 billion in assets, an investment grade rating, strong capital ratios and record profitability and asset growth under Poulton, with plans to keep expanding consumer lending and fintech partnerships.
Positive
- Orderly CEO succession with internal leader Justin Haley taking over July 1, 2026
- Outgoing CEO Donald Poulton remains on board as Risk Committee Chair
- Bank reported $2.6 billion of assets and an investment grade rating
- Management cites record profitability and asset growth during Poulton’s tenure
- Strategy emphasizes continued growth in home improvement, recreation lending and fintech partnerships
Negative
- Leadership transition risk as long-serving CEO Donald Poulton retires June 30, 2026
Key Figures
- Total assets
- $2.6 billion
- Medallion Bank asset base at time of CEO transition
- Bank founding year
- 2003
- Year Medallion Bank was founded
- CEO retirement effective date
- June 30, 2026
- Effective date for Donald Poulton’s CEO retirement
- New CEO start date
- July 1, 2026
- Effective date for Justin Haley becoming CEO
- Haley tenure at bank
- 14 years
- Justin Haley’s experience at Medallion Bank
- Haley banking experience
- More than 30 years
- Justin Haley’s broader banking experience
- Poulton experience
- Four decades
- Donald Poulton’s experience in credit risk and compliance
Historical Context
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Company nominees win about 78% of votes, activists rejected.
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ZimCal criticizes Medallion’s performance and communications tactics.
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ZimCal highlights risks of re-electing Medallion’s directors.
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BIMIZCI urges votes for its nominees and flags dividend concerns.
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Medallion challenges ZimCal’s claims and warns on activist risks.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
fdic-insured regulatory
risk committee regulatory
regulatory compliance regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Don Poulton to Retire as Chief Executive Officer and Join the Board as Risk Committee Chair Justin Haley Promoted to Chief Executive Officer
SALT LAKE CITY, June 12, 2026 (GLOBE NEWSWIRE) -- Medallion Bank (Nasdaq: MBNKO, the “Bank”), an FDIC-insured bank and wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN) providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners, today announced that Donald Poulton will retire as its Chief Executive Officer effective June 30, 2026. Mr. Poulton will join the Bank’s Board of Directors.
Justin Haley, who was promoted to President of the Bank in January 2026 and has been with the institution since 2011, will succeed Mr. Poulton as Chief Executive Officer, effective July 1, 2026.
“Don has been an exceptional leader and steward of Medallion Bank,” said Andrew Murstein, President and CEO of Medallion Financial Corp. “We are grateful for his many contributions and, in his new role as Chair of the Risk Committee, for enhancing the continued oversight of the Bank’s stellar risk management and first in class regulatory compliance framework. Since the Bank’s founding in 2003, Medallion Bank has had a remarkable growth story, first under the foundational leadership of John Taggart and most recently under Don, whose tenure has been marked by record profitability and asset growth. This transition reflects the depth of our management team and our long-standing commitment to thoughtful succession planning. Justin assumes leadership of a bank with
Continuity Through Risk Committee Leadership
Mr. Poulton’s appointment to the Board and as the Risk Committee Chair reflects the Board’s confidence in his continued strategic value to the Bank. His four decades of experience in credit risk and regulatory compliance will remain instrumental as Medallion Bank executes its growth initiatives.
“I am pleased to be leaving Medallion Bank in highly capable hands,” said Mr. Poulton. “Justin has been instrumental in building Medallion Bank’s consumer lending platforms over the past 14 years, drawing on more than 30 years of broader banking experience. His leadership, market knowledge, and commitment to excellence position him exceptionally well to lead Medallion Bank into its next chapter of growth. I look forward to supporting the Bank in my role as Risk Committee Chair and remain confident in the Bank’s long-term prospects.”
Justin Haley Assumes the Chief Executive Officer Role
Mr. Haley brings 14 years of broad experience at Medallion Bank, most recently serving as President, where he has overseen day-to-day operations, strategic initiatives, and business development. His deep knowledge of the Bank’s lending platforms, regulatory relationships, and operational infrastructure positions him to continue the Bank’s trajectory of disciplined growth and profitability.
“We have a strong team at Medallion Bank, and I am grateful for the confidence placed in me by the Board and by Don,” said Mr. Haley. “Medallion Bank has grown into a premier specialty finance lender with quality assets, strong capital ratios, and best-in-class performance metrics. We expect to build on this foundation by continuing our growth in home improvement and recreation lending, expanding our fintech strategic partnerships, and delivering sustained, long-term value to both the Bank’s and Medallion Financial Corp.’s shareholders.”
About Medallion Bank
Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN). For more information, visit www.medallionbank.com.
Investor Relations Contact: investorrelations@medallion.com
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