Medallion Financial Corp. reported changes to leadership roles at its subsidiary Medallion Bank effective January 12, 2026. Donald Poulton will step down as President of Medallion Bank but will continue to serve as Chief Executive Officer for the remainder of his existing employment term, with all other terms of his prior agreement unchanged.
David Justin Haley will leave his role as Executive Vice President and Chief Financial Officer of Medallion Bank and become President under a Second Amended and Restated Employment Agreement. That agreement runs for two years and automatically renews each year for an additional two-year term starting January 1, 2027, unless either party ends it. Mr. Haley will receive an annual base salary of $430,000 effective January 1, 2026, is eligible for severance if his agreement ends under certain conditions, and is subject to a non‑competition covenant.
Medallion Financial Corp. reported Q3 results, showing higher lending activity and solid credit performance. Total assets were $2.90 billion versus $2.87 billion at year-end, driven by net loans of $2.38 billion. Deposits were $2.06 billion. Stockholders’ equity reached $397.4 million, and book value per share was $17.07.
For the quarter ended September 30, 2025, total interest income was $80.8 million and net interest income rose to $55.7 million from $52.7 million a year ago, while the provision for credit losses decreased to $18.6 million. Other income improved to $3.0 million, including gains on taxi medallion assets. After expenses of $20.7 million and taxes of $5.9 million, net income was $13.6 million.
Net income attributable to common stockholders was $7.8 million with diluted EPS of $0.32 (vs. $0.37 last year), reflecting higher non‑controlling interest. Year‑to‑date, net income attributable to stockholders was $30.8 million with diluted EPS of $1.28. Shares outstanding were 23,279,435 as of November 3, 2025.
Medallion Financial Corp. submitted a current report to let investors know it has released its financial results for the quarter ended September 30, 2025. The company distributed a press release on October 29, 2025 detailing these quarterly results.
The press release is attached as Exhibit 99.1 and is treated as "furnished" rather than "filed" under securities laws, meaning it is not automatically incorporated into the company’s registration statements unless specifically referenced in the future.
Medallion Financial Corp. announced an executive transition and bylaw update. Effective January 31, 2026, Chairman and CEO Alvin Murstein will step down as CEO and become Executive Chairman through May 29, 2027. The Board amended the by-laws on October 24, 2025 to permit election of an Executive Chairman.
From now until the Transition Date, Alvin Murstein remains CEO. Afterward, he will serve as Executive Chairman and is expected to be nominated for a new three-year Board term at the 2026 Annual Meeting; failure to nominate would constitute termination without cause under his agreement. He remains an employee, with compensation determined without regard to the transition. Incentive equity for calendar years 2025, 2026, and 2027 will be granted solely as restricted stock and options. On the Retirement Date, all unvested, non-performance equity will vest, and performance awards will be eligible to vest pro rata based on performance periods.
Andrew Murstein will become President, Chief Executive Officer and Chief Operating Officer effective January 31, 2026, continuing in those roles through his employment term. Related amendments (Exhibits 10.1, 10.2), the updated by-laws (Exhibit 3.1), and a press release (Exhibit 99.1) were filed.