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BIMIZCI Fund LLC and affiliates nominate three directors and solicit proxies for Medallion Financial Corp. BIMIZCI filed an ISS governance presentation titled "Restoring the Shine to Medallion: A Focus on Governance Flaws" ahead of the June 9, 2026 annual meeting.
The presentation criticizes the company’s board composition, executive compensation versus peers, and financial trends, and outlines a six-pillar value plan and nominees' expertise. BIMIZCI reports holding 500,205 shares as of May 18, 2026 and $15 million par value of the company’s trust preferred securities. Stockholders are directed to vote at the provided microsite.
Medallion Financial Corp. reported lower profitability for the quarter ended March 31, 2026. Net income attributable to the company was $4.95 million, down from $12.01 million a year earlier, and diluted EPS declined to $0.20 from $0.50.
Total assets were broadly stable at $2.95 billion, compared with $2.96 billion at year-end 2025, while loans held for investment rose to $2.61 billion, led by recreation and home improvement lending. Net interest income increased to $54.06 million, but this was offset by a similar level of credit loss provisioning and a sharp drop in gains on equity investments.
Credit quality metrics show nonperforming loans of $36.9 million, or 1.41% of total loans and loans held for sale, with a total allowance for credit losses of $116.70 million. The company remains strongly capitalized at the bank level, with a Tier 1 leverage ratio of 17.4% and total capital ratio of 19.0%, classified as well-capitalized by regulators.
Medallion Financial Corp. reported first quarter 2026 net income attributable to stockholders of $5.0 million, or $0.20 per diluted share, versus $12.0 million, or $0.50, a year earlier, when results benefited from a $9.4 million equity investment gain versus $0.3 million this quarter.
Core lending activity expanded, with net interest income up 5% to $54.1 million and loan originations up 34% to $376.9 million. The total loan portfolio, including loans held for sale, reached $2.618 billion, up 5% year over year, while net interest margin on net loans improved to 8.35%.
Recreation and home improvement lending remained the main drivers, and taxi medallion exposure declined further to $3.8 million, less than 0.2% of total assets. Net book value per share rose to $17.10, and the quarterly dividend was increased from $0.12 to $0.14 per share.
Medallion Financial Corp. completed a private placement of $75.0 million aggregate principal amount of 8.25% senior unsecured notes due May 1, 2031 with institutional investors led by JP Morgan Investment Management Inc. The transaction closed on April 28, 2026 and was conducted under a Note Purchase Agreement.
The notes carry a fixed 8.25% annual interest rate, payable semiannually on May 1 and November 1, starting November 1, 2026, and rank pari passu with Medallion’s other unsecured, unsubordinated debt. They received an A- investment grade rating from Egan-Jones. Medallion plans to use the proceeds to support its growing consumer and commercial lending segments and for general corporate purposes.
Medallion Financial Corp. has filed a preliminary proxy statement soliciting shareholder votes for its June 9, 2026 virtual annual meeting, including the contested election of three Class III directors. The Board recommends voting FOR incumbents John Everets, Cynthia A. Hallenbeck and Alvin Murstein on the WHITE universal proxy card and opposes nominees put forward by BIMIZCI Fund LLC.
The filing states there were 23,864,438 shares of Common Stock outstanding as of April 13, 2026, and discloses that BIMIZCI beneficially owns 187,305 shares (about 0.78%) and approximately $15 million aggregate par value of the company’s trust preferred securities. The Board characterizes BIMIZCI’s larger exposure to subordinated debt as a conflict of interest and urges shareholders to use the WHITE universal proxy card.
Medallion Financial Corp. beneficial ownership filing shows Andrew M. Murstein reports beneficial ownership of 2,801,776 shares of Common Stock, representing 11.73% of the class. The position includes 348,749 shares issuable upon option exercise and 1,481,963 shares held in the Andrew Murstein Family Trust. The filing cites 23,530,083 shares outstanding as of March 9, 2026. The filing is signed on 04/06/2026.
Medallion Financial Corp director and officer Andrew Murstein reported compensation-related stock activity, not open-market trading. He received 323,870 shares of common stock at no cost upon vesting of previously granted performance units under the Medallion Financial Corp 2018 Equity Incentive Plan. To cover tax obligations from this vesting, 165,336 shares were withheld by the company at a price of $9.59 per share in a transaction exempt under Rule 16b-3. After these entries, he directly holds 971,064 common shares and indirectly holds 1,481,963 common shares through the Andrew Murstein Family Trust.