Exhibit 99.1

FOR FURTHER INFORMATION:
AT MEDALLION FINANCIAL CORP.	AT ZLOKOWER COMPANY
437 Madison Avenue, New York, NY 10022	PUBLIC RELATIONS
Andrew Murstein, President	Harry Zlokower
Larry D. Hall, CFO	David Closs
(212) 328-2100	(212) 447-9292

FOR IMMEDIATE RELEASE

MEDALLION FINANCIAL CORP. REPORTS

2009 SECOND QUARTER RESULTS

• New York City taxi medallion prices increase 20% to $766,000, a record high

• Net interest margin at strong 4.56%; At 6.30% when combined with Medallion Bank

• $0.19 per share dividend declared

NEW YORK, N.Y. — August 10, 2009 — Medallion Financial Corp. (NASDAQ:TAXI), a specialty finance company with a leading position servicing the taxicab industry and other niche markets, announced that net increase in net assets resulting from operations, was $2,003,000 or $0.11 per diluted common share in the 2009 second quarter, down from $4,377,000 or $0.25 per diluted common share in the 2008 second quarter. Net investment income after income taxes was $2,116,000, or $0.12 per share in the 2009 second quarter, down from $3,825,000 or $0.22 per share in the year ago period. Net investment income after income taxes on a combined basis with Medallion Bank was $5,829,000, or $0.33 per share, up from $5,828,000, or $0.33 per share in the respective period.

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Medallion Financial Corp. Announces 2009 Second Quarter Results – p. 2

Medallion’s on balance sheet taxicab medallion loan portfolio was $375,894,000 at the end of the 2009 second quarter, down from $401,751,000 at the end of the 2008 second quarter. The decrease resulted from our continuing ability to participate these high-quality loans to financial institutions which desire safe and profitable loan growth, and which provide Medallion a servicing fee for managing the loans. Our on balance sheet commercial loan portfolio was $82,889,000, down from $99,771,000, a year ago.

Medallion’s managed taxicab medallion loan portfolio, which includes Medallion Bank, our unconsolidated wholly-owned portfolio investment, and loans serviced for or by third parties, was $581,920,000, up from $557,452,000, a year ago. Our managed commercial loan portfolio was $157,840,000, down from $174,838,000, a year ago.

In addition, Medallion Bank’s consumer loan portfolio increased to $196,930,000, up from $172,996,000, a year ago. Total assets under management increased to $1,052,000,000, up from $1,015,000,000, a year ago.

Andrew Murstein, President of Medallion stated, “We are very pleased with our continuing trends of increased spreads. During this quarter, New York City and Chicago medallion prices also continued to rise. The industry remains strong. Taxi medallion prices in New York reached over $760,000 in July up from $625,000 one year ago, for an increase of over 20%. This is the highest they have ever been. Very few assets have appreciated over the last year, and taxi medallions are, and continue to be, one of the best investments.”

Larry Hall, CFO, stated, “The weighted average interest rate on our managed loan portfolio at the end of the 2009 second quarter was 9.57%, the same as a year ago, very solid performance given the continuing declining interest rate environment.

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Medallion Financial Corp. Announces 2009 Second Quarter Results – p. 3

“Medallion continues to benefit from a low cost of funds. Our weighted average cost of borrowed funds dropped to 3.86% in the quarter, down from 4.53% a year ago, and was 3.62% on a managed basis, combined with Medallion Bank, compared to 4.61% a year ago. As a result, our net interest margin was 4.56%, down slightly from 4.63% in the 2008 quarter. However, the net interest margin on a combined basis including Medallion Bank, grew to 6.30%, up from 5.18% last year. That is the highest it has ever been in the history of the Company. At quarter end, our medallion portfolio yielded 6.33%, compared to borrowing costs of 1.91% on our medallion loan revolving lines of credit, a spread of 4.42% for this low-risk, high-quality loan portfolio,” Mr. Hall said.

“In addition, Medallion Bank’s current weighted average cost of funds at quarter end was 2.73%. However, new CD’s issued during June 2009 averaged 0.50%. Thus, as the older CD’s continue to mature and are replaced, spreads should increase, as long as rates remain at these low levels,” Mr. Hall added.

“Our loan quality, which continues to remain one of the hallmarks of Medallion, remains strong. While delinquencies increased during the quarter, they are still quite low and well within our historical ranges. On a managed basis, including Medallion Bank, delinquent medallion loans 90 days or more past due were 0.3%, down from 0.4% one year ago. Delinquent consumer loans were 0.7%, up from 0.4% a year ago. Delinquent commercial loans were 9.4%, similar to last quarter’s 9.2%, and up from 0.2%, one year ago. On a combined basis, the delinquency totals were 2.2%, up from 0.4%, one year ago.”

Mr. Hall concluded, “Lastly our liquidity remains solid. Our strong capital levels, both at Medallion and Medallion Bank, allow for growth of up to $80,000,000 of deposits at the Bank, and complement the available liquidity in Medallion’s other various sources of capital.”

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Medallion Financial Corp. Announces 2009 Second Quarter Results – p. 4

The Company also announced that its Board of Directors declared a dividend of $0.19 per share on its common stock for the 2009 second quarter. The dividend is payable on September 14, 2009 to shareholders of record on August 28, 2009. Since the Company’s initial public offering in 1996, the Company has paid out over $138,255,000 in dividends, or $8.91 per share.

Medallion Financial Corp. is a specialty finance company with a leading position in the origination and servicing of loans financing the purchase of taxicab medallions and related assets. The Company also originates and services other commercial loans in targeted niche industries and its wholly owned portfolio company Medallion Bank also originates and services consumer loans. The Company and its subsidiaries have lent over $3 billion.

Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales, net investment income, earnings, and growth. Medallion’s actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, those factors discussed under the heading “Risk Factors,” in Medallion’s 2008 Annual Report on Form 10-K.

MEDALLION FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands, except per share data)	2009			2008			2009			2008
Total investment income	$	10,613		$	12,730		$	21,347		$	27,174
Total interest expense		4,236			5,605			8,881			12,808
Net interest income		6,377			7,125			12,466			14,366
Total noninterest income		764			1,310			1,463			2,113
Salaries and benefits		2,875			2,717			5,990			5,344
Professional fees		676			588			1,079			957
Occupancy expense		281			350			574			693
Other operating expenses		1,193			955			2,262			2,263
Total operating expenses		5,025			4,610			9,905			9,257
Net investment income before income taxes		2,116			3,825			4,024			7,222
Income tax (provision) benefit		—			—			—			—
Net investment income after income taxes		2,116			3,825			4,024			7,222
Net realized losses on investments		(1,526	)		(5,124	)		(1,890	)		(3,977	)
Net change in unrealized appreciation on investments		1,182			5,905			2,049			5,688
Net change in unrealized appreciation (depreciation) on Medallion Bank and other controlled subsidiaries		231			(229	)		(292	)		(635	)
Net unrealized appreciation on investments		1,413			5,676			1,757			5,053
Net realized/unrealized gains (losses) on investments		(113	)		552			(133	)		1,076
Net increase in net assets resulting from operations	$	2,003		$	4,377		$	3,891		$	8,298
Net investment income after income taxes per common share
Basic	$	0.12		$	0.22		$	0.23		$	0.41
Diluted		0.12			0.22			0.23			0.41
Net increase in net assets resulting from operations per common share
Basic	$	0.11		$	0.25		$	0.22		$	0.47
Diluted		0.11			0.25			0.22			0.47
Dividends declared per share	$	0.19		$	0.19		$	0.38		$	0.38
Weighted average common shares outstanding
Basic		17,570,909			17,508,354			17,563,396			17,500,616
Diluted		17,692,070			17,714,888			17,670,842			17,722,161

MEDALLION FINANCIAL CORP.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share data)	UNAUDITED June 30, 2009		December 31, 2008
Assets
Medallion loans, at fair value	$	375,894	$	402,964
Commercial loans, at fair value		82,889		89,611
Investment in Medallion Bank and other controlled subsidiaries, at fair value		76,901		74,750
Investment securities, at fair value		—		—
Equity investments, at fair value		2,515		3,272
Net investments ($285,436 at June 30, 2009 and $347,517 at December 31, 2008 pledged as collateral under borrowing arrangements)		538,199		570,597
Cash and cash equivalents ($0 at June 30, 2009 and December 31, 2008 restricted as to use by lender)		19,477		32,075
Accrued interest receivable		2,108		2,149
Fixed assets, net		317		411
Goodwill, net		5,069		5,069
Other assets, net		39,949		36,384
Total assets	$	605,119	$	646,685
Liabilities
Accounts payable and accrued expenses	$	6,223	$	7,074
Accrued interest payable		2,088		2,015
Funds borrowed		424,394		462,650
Total liabilities		432,705		471,739
Commitments and contingencies		—		—
Total shareholders’ equity (net assets)		172,414		174,946
Total liabilities and shareholders’ equity	$	605,119	$	646,685
Number of common shares outstanding		17,575,877		17,549,224
Net asset value per share	$	9.81	$	9.97
Total managed loans	$	931,490	$	945,294
Total managed assets		1,052,165		1,075,509