Medallion Insiders Acquired Shares in Company

    NEW YORK, July 12 Medallion Financial Corporation , the leading finance company
serving the taxi industry in the United States, and the nation's largest taxi
top advertising company, announced that its Chairman and CEO, Alvin Murstein,
its President, Andrew Murstein, and its Chief Financial Officer, James E.
Jack, each acquired an additional 5,000 shares in Medallion stock.  A previous
report incorrectly stated that the shares were sold.
    Andrew Murstein stated, "We are glad to continue to acquire shares in
Medallion.  With its high dividend yield, and its growth potential, we feel it
offers investors the best of both worlds.  In today's market environment, that
is very compelling.  Management now owns over 2,700,000 shares in the
company."
    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 commercial loans financing small businesses in other targeted
industries, and operates one of the largest taxicab rooftop advertising
businesses in the nation.  Medallion currently manages a loan portfolio of
nearly $750 million.  The Company and its subsidiaries have lent over
$1 billion to the taxicab industry and for small business commercial loans.
As a regulated investment company (RIC), Medallion complies with the
requirement to distribute at least 90% of its income to shareholders, and as a
consequence, pays no corporate income tax on the amount of income distributed.

    Please note that this press release contains forward-looking statements,
which involve risks and uncertainties.  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 "Investment Considerations," in
Medallion's 2000 Annual Report on Form 10K.