Medallion Bank Announces Fintech Strategic Partnership With CreditWorks
SALT LAKE CITY, June 01, 2023 (GLOBE NEWSWIRE) -- Medallion Bank (Nasdaq: MBNKP, the “Bank”), an FDIC-insured bank providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with offering loan products and services through fintech strategic partners, announced today it had entered into a definitive agreement with CreditWorks to provide loans through the Credit4Work! financial benefit program. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).
CreditWorks, a certified women-owned consumer lender, has developed a unique credit-building program for individuals called “Credit4Work!”. Credit4Work! is a financial wellness program for employees of participating employers that includes financial literacy training, opportunities to improve credit profiles, and access to unsecured personal loans. The Credit4Work! financial wellness program assists consumers with responsible credit management as an alternative to high-cost loans.
Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “We are pleased to add CreditWorks to our strategic partnership program as we continue to expand our lending reach. We believe we can help CreditWorks scale the Credit4Work! program nationally with our proven lending platform, comprehensive compliance framework, credit risk management, and ongoing monitoring and testing.”
Marion Mathes, Chief Executive Officer of CreditWorks, stated, “We look forward to our partnership with Medallion Bank. We chose Medallion Bank as our partner since its platform offered the best capabilities on a national scale. This was important since we believe we will continue to grow our loan activity from the Program. In addition, Medallion Bank’s approach to customer service is aligned with how we work with our customers and we appreciate that.”
About Medallion Bank
Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, and offering loan origination services to fintech partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).
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Forward Looking Statements
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, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “continue,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature, such as “building,” “maintaining” or “momentum.” These statements relate to our future earnings, returns, growth prospects, asset quality and pursuit and execution of our strategy. Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2022, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. In addition, Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.
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About CreditWorks
CreditWorks LLC is a financial benefit company based in Florida, which offers tools and resources to help employees build credit. Its mission is to help working Americans build financial security and improve their personal financial well-being. For more information, visit .
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