The SEC charged Medallion Financial and its president and chief operating officer, Andrew Murstein of New York, with illegally engaging in two schemes in an effort to reverse the company’s plummeting stock price.
Medallion Financial, through a special purpose subsidiary, renewed its credit facility agreement. DZ Bank acted as agent for the lender, Autobahn Funding, on the transaction.
The board of directors at Medallion Financial appointed Allan Tanenbaum as an independent director.
Medallion Financial has renewed its credit facility agreement for eight months with DZ Bank AG as agent for the lender, Autobahn Funding Company.
Medallion Financial has renewed its $125 million credit facility agreement with DZ Bank for an additional six months.
Medallion Business Credit sold its ABL division, consisting of more than $40 million in prime business credit loans.
According to a Seeking Alpha report, Medallion Financial enters 2016 with rising headwinds as NYC taxi medallion revenues are falling at the fastest rate since Uber’s arrival.
Medallion Financial’s portfolio company, Medallion Bank, reported full year 2014 net income of $26.9 million, was up 55% from $17.4 million a year earlier. The company said its net interest margin of 7.49% was its highest ever.
Medallion Financial noted in its news release on Q3/14 earnings that its net interest margin was the “highest ever” for the company at 7.40% on a combined basis, up from 6.96% a year ago.
Medallion Financial announced that it renewed a commercial paper conduit facility agreement with DZ Bank as agent for its conduit, Autobahn Funding Company.