Exhibit 99.1

FOR FURTHER INFORMATION:

FOR IMMEDIATE RELEASE

MEDALLION FINANCIAL CORP. REPORTS 2009 THIRD QUARTER RESULTS

NEW YORK, N.Y. – November 5, 2009 — Medallion Financial Corp. (NASDAQ:TAXI), a specialty finance company with a leading position servicing the taxicab industry and other niche markets, announced that net increase in net assets resulting from operations was $2,889,000 or $0.16 per diluted common share in the 2009 third quarter, down from $4,118,000 or $0.23 per diluted common share in the 2008 third quarter. Net investment income after income taxes was $2,001,000, or $0.11 per share in the 2009 third quarter, down from $3,425,000 or $0.19 per share in the year ago period. Net investment income after income taxes on a combined basis with Medallion Bank was $5,946,000, or $0.34 per share in the 2009 third quarter, down from $6,774,000, or $.38 per share in the year ago period.

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Medallion Financial Corp. Announces 2009 Third Quarter Results – p. 2

Medallion’s on balance sheet taxicab medallion loan portfolio was $341,783,000 at the end of the 2009 third quarter, down from $411,693,000 at the end of the 2008 quarter. The decrease resulted from our continuing ability to participate these high-quality loans to financial institutions which desire safe and profitable loan growth, and which provide Medallion a servicing fee for managing the loans. Our on balance sheet commercial loan portfolio was $81,787,000, down from $94,830,000, a year ago.

Medallion’s managed taxicab medallion loan portfolio, which includes Medallion Bank, our unconsolidated wholly-owned portfolio investment, and loans serviced for or by third parties, was $578,489,000, up from $568,972,000, a year ago. Our managed commercial loan portfolio was $142,027,000, down from $178,721,000, a year ago.

In addition, Medallion Bank’s consumer loan portfolio increased to $191,766,000, up from $184,159,000, a year ago. Total assets under management decreased slightly to $1,037,000,000 from $1,049,000,000, a year ago.

Andrew Murstein, President of Medallion stated, “We are very pleased with our continuing trends of increased spreads. During this quarter, New York City and Chicago medallion prices remained firm. The industry remains strong. Taxi medallion prices in New York were $760,000, up from $725,000 one year ago, the highest they have ever been. Very few assets have appreciated over the last year, and taxi medallions are, and continue to be, one of the safest investments.”

Larry Hall, CFO, stated, “The weighted average interest rate on our managed loan portfolio at the end of the 2009 third quarter was 9.64%, up from 9.61% a year ago, very solid performance given the continuing declining interest rate environment.

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Medallion Financial Corp. Announces 2009 Third Quarter Results – p. 3

“Medallion continues to benefit from a low cost of funds. Our weighted average cost of borrowed funds dropped to 4.15% in the quarter, down from 4.54% a year ago, and was 3.47% on a managed basis, combined with Medallion Bank, compared to 4.49% a year ago. As a result, our net interest margin was 4.62%, up from 4.53% in the 2008 quarter. However, the net interest margin on a combined basis including Medallion Bank grew to 6.57%, up from 5.57% last year. That is the highest it has ever been in the history of the Company. At quarter end, our medallion portfolio yielded 6.29%, compared to borrowing costs of 1.61% on our medallion loan revolving lines of credit, a spread of 4.68% for this low-risk, high-quality loan portfolio,” Mr. Hall said.

“In addition, Medallion Bank’s current weighted average cost of funds at quarter end was 2.07%. However, new CD’s issued during September 2009 averaged 0.30%. Thus, as the older CD’s continue to mature and are replaced, spreads should increase, as long as rates remain at these low levels,” Mr. Hall added.

“Our loan quality, which continues to remain one of the hallmarks of Medallion, remains strong. While delinquencies increased slightly during the quarter, they are still quite low and well within our historical ranges. On a managed basis, including Medallion Bank, delinquent medallion loans 90 days or more past due were 0.3%, up slightly from 0.1% one year ago. Delinquent consumer loans 90 days or more past due were 1.0%, up from 0.7% a year ago. Delinquent commercial loans 90 days or more past due were 7.7%, down from last quarter’s 9.4%, and up from 0.2%, one year ago. On a combined basis, the delinquency totals were 1.8%, down from 2.2% last quarter, and up from 0.3%, one year ago.”

Mr. Hall concluded, “Lastly our liquidity remains solid. Our strong capital levels, both at Medallion and Medallion Bank, allow the Bank to raise an additional $75,000,000 through deposits , and complement the available liquidity in Medallion’s other various sources of capital.”

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Medallion Financial Corp. Announces 2009 Third Quarter Results – p. 4

The Company also announced that its Board of Directors declared a dividend of $0.19 per share on its common stock for the 2009 third quarter. The dividend is payable on November 30, 2009 to shareholders of record on November 20, 2009. Since the Company’s initial public offering in 1996, the Company has paid out over $141,594,000 in dividends, or $9.10 per share.

Medallion Financial Corp. is a specialty finance company with a leading position in the origination and servicing of loans financing the purchase of taxicab medallions and related assets. The Company also originates and services other commercial loans in targeted niche industries and its wholly owned portfolio company Medallion Bank also originates and services consumer loans. The Company and its subsidiaries have lent over $3 billion.

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’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’s 2008 Annual Report on Form 10-K.

MEDALLION FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

MEDALLION FINANCIAL CORP.

CONSOLIDATED BALANCE SHEETS