Medallion Financial Corp, a speciality commercial finance company with a leading position servicing the taxicab industry and small business commercial lending, has announced that it has received approval from the Federal Deposit Insurance Corporation for Federal deposit insurance for its subsidiary, Medallion Bank.
Andrew Murstein, president of Medallion Financial stated, "We could not be more pleased with the approval. Medallion Bank will give us an excellent platform to grow two of our most profitable lending areas, taxicab medallion lending and asset-based lending. One of the many benefits of this approval is the ability to accept FDIC-insured deposits, which will greatly lower our cost of funds. This will reduce our borrowing costs and increase our margins significantly."
