Medallion Financial Appoints Robert M. Meyer to Its Board of Directors

NEW YORK, July 29, 2021 (GLOBE NEWSWIRE) — Medallion Financial Corp. (NASDAQ: MFIN), announced today that its Board of Directors has appointed Robert (Bob) M. Meyer as an independent director, effective immediately. Mr. Meyer’s appointment expands the Board to eight members, five of which are independent directors. Mr. Meyer will be a member of the Company’s Audit Committee, Compensation Committee, and Nominating and Governance Committee.

Mr. Meyer has had a 47-year career in banking. Most recently, he served as Executive Vice President and Chief Commercial Lending Officer at Valley National Bancorp from 1997 until his retirement in 2016. Valley National Bancorp, based in Wayne, NJ, had approximately $20 billion of assets at the time of his retirement. Prior to that Mr. Meyer served as President and Chief Executive Officer of Midland Bancorp/Midland Bank and Trust Company from 1991 to 1997 and President and Chief Executive Officer of Broad Street National Bank and First Jersey National Bank/Central from 1985 to 1988. Mr. Meyer has served as an independent member of the Medallion Bank Board of Directors since 2016, including as a member of the Audit Committee since 2019. Medallion Bank is a wholly-owned subsidiary of Medallion Financial. Mr. Meyer holds a bachelor’s degree and a master’s degree from Montclair State College and an M.B.A. from the University of Miami.

“We are pleased to have Bob join the Medallion Financial board. His pedigree is impressive and his experience has been extremely helpful in driving the oversight, growth, and success of our consumer business with Medallion Bank over the past five years. We look forward to Bob helping us drive strategy, performance and shareholder value,” stated Alvin Murstein, Chairman and CEO of Medallion Financial.

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 $9 billion since its initial public offering in 1996.