Medallion Completes Initial Stock Repurchase Program

Second Authorized Program Commences

NEW YORK, Feb. 10 -- Medallion Financial Corp. , a specialty finance company with a leading position servicing the taxicab industry, and targeted niche markets in commercial and consumer finance, announced that it has completed its $10,000,000 stock repurchase program. Medallion has repurchased over 1,200,000 shares under the program with prices ranging from $7.95 per share to $9.64 per share. The book value at September 30, 2004 was $9.71 per share.

The Company also announced that it has started repurchasing its shares as part of the second $10,000,000 repurchase program authorized in November 2004. Andrew Murstein, President of Medallion commented, "We believe our stock is a very attractive investment opportunity. With a dominant position in our primary industry, strong growth projected across all of our businesses, and significantly improved funding sources, we are well positioned for the future."

About Medallion Financial

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 loans financing small businesses and other targeted industries and niches. The Company and its subsidiaries have lent over $1 billion to small businesses.

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 "Investment Considerations," in Medallion's 2003 Annual Report on Form 10-K.