Exhibit 99.1

FOR IMMEDIATE RELEASE:

MEDALLION FINANCIAL CORP. REPORTS 2020 THIRD QUARTER RESULTS

NEW YORK, NY – November 2, 2020 – Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a finance company that originates and services loans in various consumer and commercial niche industries, announced today its 2020 third quarter results.

2020 Third Quarter Highlights

Alvin Murstein, Chairman and CEO of Medallion, stated, “The Company took the necessary steps to effectively put the taxi medallion loan portfolio behind us. We continue to focus on our collection and recovery efforts, while closely monitoring values and any legislative proposals that would finally support the industry. While there can be no assurance that our efforts will continue, we in fact, subsequent to quarter end, received a $3.8 million payment from a large medallion borrower which will reduce their corresponding loan reserves. The results of this payment will be reflected in the fourth quarter results.”

Andrew Murstein, President continued, “The momentum we saw in the second quarter in our consumer lending segments continued into the third quarter as demand for recreation and home improvement loans remained robust. Medallion Bank stayed the course with tightened underwriting criteria in a rather unpredictable economic environment while still allowing our consumer portfolio to grow substantially. As a result, FICO scores at origination on our marine and recreational vehicle loans in the third quarter increased and were just below 700 while home improvement continued to stay above 750. If we did not raise our credit standards, we believe our growth would have been stronger over the last two quarters. Consumer payment deferrals from the second quarter were largely resolved in the third quarter, resulting in our consumer lending segments recording $13.8 million of net income. This was the most we have ever earned in a single quarter in the consumer segments. Medallion Bank remains well-positioned to continue to grow and meet the increased demand.”

Larry Hall, Medallion’s CFO, stated, “The COVID-19 pandemic continued to have an impact on the New York City taxi industry. As a result, we deemed all medallion loans as impaired, placed them on non-accrual, and lowered our collateral value from $119,500 net to $90,300 net in New York City, leading to a substantial increase in specific reserves. Recoveries will remain unpredictable for the foreseeable future. We are hopeful that any future losses incurred by collateral values being lowered will be manageable, and have a minimal impact on future results of operations. Despite the significant medallion losses, the Bank’s Tier 1 leverage ratio remained above 15%, with the Bank having over $207 million in capital at quarter-end.”

Consumer Lending Segments

The Company’s net consumer lending portfolio was $1.09 billion as of September 30, 2020, compared to $940.0 million at December 31, 2019 and $919.0 million at September 30, 2019. Net interest income for the 2020 third quarter was $31.0 million, compared to $26.4 million in the 2019 second quarter, a 17% increase. The average interest rate on the portfolio was 13.87% at September 30, 2020, compared to 14.67% a year ago. Consumer loan delinquencies 90 days or more past due were $4.2 million, or 0.38 % of total gross loans as of September 30, 2020, compared to $4.7 million, or 0.51%, a year ago. Consumer loans still in a state of deferral were $5.6 million, or 0.5% of total gross loans as of September 30, 2020, compared to $35.1 million, or 3.3% of total gross loans as of June 30, 2020.

Commercial Lending Segment

The Company’s net commercial lending portfolio was $68.0 million as of September 30, 2020, compared to $66.4 million at December 31, 2019 and $64.6 million at September 30, 2019. The average interest rate on the portfolio was 13.42%, compared to 13.72% a year ago. Net income for the third quarter was $0.312 million, compared to $0.986 million in the prior year period. The commercial portfolio remains stable and continues to be well-diversified across industries and geographies.

Medallion Lending Segment

The Company’s net medallion lending portfolio, exclusive of loan collateral in the process of foreclosure, was $33.5 million as of September 30, 2020, compared to $105.0 million at December 31, 2019 and $112.0 million at September 30, 2019. The average interest rate on the medallion loan portfolio was 4.19%, compared to 4.25% a year ago.

When including loans in the process of foreclosure and owned Chicago medallion assets, total medallion exposure comprised 5% of our total assets as of September 30, 2020, compared to 10% at December 31, 2019 and 11% at September 30, 2019.

Conference Call Information

The Company will be hosting a conference call to discuss the third quarter financial results on Monday, November 2, 2020, at 9:00 a.m. Eastern time.

The dial-in number for the conference call is (877) 407-0789 (toll-free) or (201) 689-8562 (direct). Please dial the number 10 minutes prior to the scheduled start time. A live webcast of the conference call will also be available on Medallion’s website at http://www.medallion.com/investors.html.

A replay will be available following the end of the call through Monday, November 9, 2020, by telephone at (844) 512-2921 (toll-free) or (412) 317-6671 (direct), passcode 13712483. A webcast replay of the call will be available at http://www.medallion.com/investors.html until the next quarter’s results are announced.

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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.

Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, net interest income and expenses, other expenses, earnings, and growth. These statements are often, but not always, made through the use of words or phrases such as “will” and “continue” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to future public announcements of our earnings, expectations regarding medallion loan portfolio, the potential for future asset growth and market share opportunities. Medallion’s actual results may differ significantly from the results discussed in such forward-looking statements. For example, statements about the effects of the COVID-19 pandemic on Medallion’s business, operations, financial performance and prospects constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond Medallion’s control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on Medallion, its customers and third parties. In addition to risks related to the ongoing COVID-19 pandemic, for a description of certain risks to which Medallion is or may be subject, please refer to the factors discussed under the heading “Risk Factors” in Medallion’s 2019 Annual Report on Form 10-K and Form 10-Q for the quarter ended June 30, 2020.

Company Contact:

Alex E. Arzeno

Investor Relations

212-328-2168

InvestorRelations@medallion.com

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MEDALLION FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

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MEDALLION FINANCIAL CORP.

CONSOLIDATED BALANCE SHEETS

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