Medallion Financial Corp. Announces Repurchase of Trust Preferred Securities and Successful Resolution With ZimCal

Medallion Financial Corp. announced the repurchase of $15.0 million in trust preferred securities from BIMIZCI Fund LLC and ZimCal Asset Management LLC at 73.66% of face value for $11.049 million, resulting in an expected gain. The investor parties agreed to a five-year standstill and will dispose of remaining common stock by year-end. The company has returned approximately $84.7 million to common shareholders since 2022 through buybacks and dividends, and has successfully transformed from taxi-medallion lending into a diversified specialty finance company.