8-K

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)

June 27, 2007

Medallion Financial Corp.

(Exact name of registrant as specified in its charter)

Delaware	814-00188	04-3291176
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

437 Madison Avenue, 38th Floor, New York, New York	10022
(Address of principal executive offices)	(Zip Code)

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):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEMS 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On June 27, 2007, Medallion Financial Corp. (“Medallion”) entered into an amendment (the “Amendment”) to its existing Loan and Security Agreement, dated April 26, 2004 (the “Loan Agreement”), by and between Medallion and Sterling National Bank. Under the terms of the Amendment, the maturity date of the Loan Agreement was extended to July 31, 2007.

The foregoing description of the Amendment is qualified in its entirety by reference to the Amendment, which is attached as an exhibit hereto and is incorporated herein by reference in its entirety.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

Exhibit No.	Description
10.1	Extension Letter to Loan and Security Agreement, dated June 27, 2007, by and between Medallion Financial Corp. and Sterling National Bank.

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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.

MEDALLION FINANCIAL CORP.
By:	/s/ Alvin Murstein
Name:	Alvin Murstein
Title:	Chief Executive Officer
Date: June 28, 2007

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Exhibit Index

Exhibit No.	Description
10.1	Extension Letter to Loan and Security Agreement, dated June 27, 2007, by and between Medallion Financial Corp. and Sterling National Bank.

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EX-10.1

Exhibit 10.1

	500 SEVENTH AVENUE NEW YORK, NY 10018-4502
	PHONE: 212-575-6339 FAX: 212-382-3442
	richard.assaf@sterlingbancorp.com www.sterlingbancorp.com
June 27, 2007	Richard Assaf Vice President

Mr. Alvin Murstein

Medallion Financial, Inc.

437 Madison Ave. 38^th Floor

New York, NY 10022

Re: $20,000,000 Revolving Credit Note and Loan

and Security Agreement dated August 14, 2006.

Dear Mr. Murstein:

Reference is made to the Loan and Security Agreement (“Agreement”) dated August 14,2006 by and between Medallion Financial Corp. (“Borrower”) and Sterling National Bank (“Lender”) and the underlying Revolving Credit Note (“Promissory Note”), which the Borrower executed in the original principal amount of twenty million dollars ($20,000,000.00), which expires on June 30, 2007. As you know, the Lender’s obligation to make advances under the Agreement expires, and all amounts due and owing under the Promissory Note and the Agreement are payable in full, on June 30, 2007 (the “Revolving Credit Termination Date”). Lender is willing to extend the Revolving Credit Termination Date to July 31, 2007 (the “Extended Revolving Credit Termination Date”), subject to the following terms and conditions:

1. All other terms and conditions of the Agreement and the Promissory Note remain in full force and effect.

2. The Extended Revolving Credit Termination Date shall be effective upon receipt by the Lender of a copy of this letter signed by the Borrower no later than June 30,2007.

In order to induce Lender to grant this extension Borrower hereby represents that: (a) there is no default or event of default under the Agreement, the Note or any other loan document, (b) the principal amount currently outstanding under the Note and the Agreement is $0, and the Borrower has no claims, defenses or offsets against the payment thereof, and (c) the Borrower ratifies and reaffirms the Note, the Agreement and the other loan documents in their entirety.

If the foregoing is satisfactory, please have a copy of this letter signed by the Borrower and return the executed copy to me by overnight delivery service.

Yours truly,

Sterling National Bank

/s/ Richard F. Assaf

Richard F. Assaf

First Vice President

AGREED AND ACCEPTED THIS 27 DAY OF JUNE 2007

Medallion Financial Corp.
By:	/s/ Alvin Murstein
Name:	ALVIN MURSTEIN
Title:	CEO