Medallion Financial Buys Chicago Taxi Medallion Loan Portfolio Of Over 40 Loans

(RTTNews) - Medallion Financial Corp. (TAXI), a specialty finance company with a leading position servicing the taxicab industry and other niche markets, Friday said its wholly-owned subsidiary Medallion Bank has acquired a Chicago taxi medallion loan portfolio of over 40 loans from a third party finance company. The transaction is expected to be immediately accretive to earnings.

Andrew Murstein, President, said, "We are very pleased with this transaction because it helps us diversify our loan portfolio and further solidify our position as the medallion lending market leader. This portfolio has an average loan to value of approximately 30%, and is one of many medallion loan portfolios that we have acquired since our IPO."

Separately, the company announced that not a single medallion loan is 90 days or more delinquent as of June 30.