UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 21, 2011

Medallion Financial Corp.

(Exact name of registrant as specified in its charter)

Registrant’s telephone number, including area code: (212) 328-2100

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

On July 21, 2011, Medallion Bank (the “Bank”) issued and sold, and the United States Department of the Treasury (“Treasury”) purchased, 26,303 shares of Senior Non-Cumulative Perpetual Preferred Stock, Series E (“Preferred Stock”), for an aggregate purchase price of approximately $26.3 million under the Small Business Lending Fund Program (“SBLF”). In connection with the issuance of the Preferred Stock, the Bank exited the TARP Capital Purchase Program (“TARP”) by redeeming all $22.3 million of the preferred stock outstanding under the program. In addition, the Bank received additional funds of approximately $3.95 million. The Bank will pay an initial dividend rate of 1% on the Series E Preferred Stock.

On July 25, 2011, Medallion Financial Corp. (the “Company”) issued a press release announcing the Bank’s repurchase of preferred stock issued to the Treasury pursuant to TARP, and the Bank’s newly acquired investment from the Treasury under SBLF. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 26, 2011

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Exhibit Index

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