NEW YORK–(BUSINESS WIRE)–Medallion Financial Corp. (Nasdaq:MFIN) announced today the hiring of John Taylor as SVP, Strategic Partnerships/Business Development for Medallion Bank. John will oversee a new division that will handle the build-out of the Bank’s Strategic Partnership program and development of partner relationships.
John joins Medallion Bank from First Electronic Bank (FEB), where he served as President and Chief Executive Officer starting in 2013. During his tenure at FEB, John focused on diversifying FEB’s revenues by launching several new strategic partnership programs. Prior to his time at FEB, John was President and Chief Executive Officer of CIT Bank from 2009 to 2013, and Chief Financial and Compliance Officer from 2000 to 2009. He is currently a Board Member of the Utah Association Financial Services and National Association of Industrial Bankers.
“We are excited to bring John onboard as we continue to expand our activities at Medallion Bank by entering into exciting new and profitable business lines, and continue to diversify away from the medallion business,” stated Andrew Murstein, President of Medallion Financial, parent company of Medallion Bank. “As the banking landscape evolves toward partnerships between banks and technology companies, we look forward to exploring opportunities in that evolution that will allow us to advance the bank and create additional future value for our shareholders.”
Don Poulton, President of Medallion Bank, continued: “John brings a wealth of experience and knowledge to Medallion Bank that will be put to immediate use. We expect the transition to be smooth as he moves from one Utah industrial bank to another. The combination of John and Trent Hudson, our CFO, who was also formerly at FEB, allows us to leverage their strategic partnership experience to the Bank’s advantage. The strategic partnership business has been a rapidly growing and profitable line of business for several Utah banks, and we look forward to diversifying our source of revenue by entering this line of business.”
John will be based in Medallion Bank’s office located at 1100 E 6600 S, Salt Lake City, UT 84121. For more information call 212-328-2176 or visit https://www.medallionbank.com.
About Medallion Financial and Medallion Bank
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 $8.4 billion since its initial public offering in 1996.
Medallion Bank is a Utah-chartered, FDIC-insured, industrial bank headquartered in Salt Lake City, Utah. The Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and trailers; and for home improvements such as replacement windows and roofs. Since commencing operations in 2003, the Bank has grown to $1.04 billion in assets, and originated over 20,000 consumer loans totaling over $400 million in the twelve months ending March 31, 2019.
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.