Medallion Financial Corp. Files Registration Statement For Common Stock Offering

    NEW YORK, May 3 Medallion Financial Corp.
today announced that it has filed a registration statement with the Securities
and Exchange Commission relating to a proposed public offering of 3,000,000
shares of its common stock.  All of the shares offered pursuant to the
offering are to be sold by the Company.  UBS Warburg will be lead manager of
the underwriting group, with U.S. Bancorp Piper Jaffray serving as co-manager.
    Medallion Financial Corp. is a specialty finance company that originates
and services loans financing the purchase of taxicab medallions and related
assets.  The Company also originates and services commercial loans financing
small businesses and other targeted industries, and operates a taxicab rooftop
advertising business.
    When available, a copy of the preliminary prospectus relating to the
offering may be obtained from UBS Warburg, 299 Park Avenue, New York, New York
10171 (Telephone:  212-821-3000) or U.S. Bancorp Piper Jaffray, 800 Nicollet
Mall, Suite 800, Minneapolis, Minnesota 55402 (Telephone:  612-303-6000).
    A registration statement relating to the shares that the Company intends
to sell has been filed with the Securities and Exchange Commission but has not
become effective.  These securities may not be sold nor may offers to buy be
accepted prior to the time the registration statement becomes effective.  This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state.
    This announcement appears as a matter of record only and should not be
taken as an inducement or solicitation to subscribe for shares in any
subsequent public offering.
    For more information, contact Andrew M. Murstein at Medallion Financial
Corp., 437 Madison Avenue, New York, New York 10022 (Telephone:
212-328-2100).

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