Medallion Financial Corp. Announces Overwhelming Board Support in 2026 Proxy Contest
Key Highlights for Investors
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Shareholders Deliver Landslide Support for Board:
Medallion Financial Corp. (NASDAQ: MFIN) announced that all three of its director nominees were re-elected at the 2026 Annual Meeting of Stockholders, with shareholders casting an average of approximately 78% of votes in favor of the Board’s slate. -
ZimCal Asset Management’s Third Proxy Challenge Rejected:
This marks the third consecutive year that ZimCal Asset Management LLC has initiated a proxy contest, with shareholders consistently rejecting their nominees and strategies. -
Declining Support for Dissident Nominees:
Support for ZimCal’s activist nominees dropped to just 19% of votes cast, down from 22% during the 2024 contest, indicating waning shareholder interest in the dissident campaign. -
Strong Financial Performance:
Over the past five years, Medallion Financial has generated over \$375 million in net income before taxes—more than the company’s previous 25 years combined. -
Significant Dividend Growth:
The company has increased its dividend by 40% over the last three years, highlighting a commitment to returning value to shareholders. -
Forward-Looking Statements and Risks:
Management cautions investors about forward-looking statements concerning business performance, economic conditions, and other risks detailed in the company’s annual report.
Detailed Report for Investors
Medallion Financial Corp. (NASDAQ: MFIN), a specialty finance company known for originating and servicing loans across various consumer and commercial industries, announced the preliminary results of its 2026 Annual Meeting of Stockholders. The meeting, held on June 9, 2026, saw shareholders decisively re-elect all three of the Board’s director nominees, once again rejecting a slate put forward by ZimCal Asset Management LLC, an activist investor group.
The results mark the third consecutive year that ZimCal has mounted a proxy contest, and for the third year running, shareholders have backed the current Board and the company’s long-term strategy. Notably, the Board’s nominees received approximately 78% of the votes cast, a clear landslide victory, despite proxy advisory firms issuing split recommendations. The support for dissident nominees fell sharply to about 19%, a drop from 22% in 2024, signaling a continued erosion of confidence in ZimCal’s platform.
President and CEO Andrew Murstein commented on the results: “For the third year in a row, shareholders have placed their trust in our Board and rejected the campaign of a distressed debt investor seeking a personal windfall at the expense of all other shareholders. Over the last five years, Medallion Financial has produced more than \$375 million in net income before taxes—surpassing the aggregate of our first 25 years. We have also increased our dividend by 40% over the last three years.”
Murstein emphasized that the company’s focus now returns to delivering industry-leading financial performance and long-term value for shareholders. This statement underscores management’s commitment to operational excellence and continued capital returns, which are critical issues for current and prospective investors.
What Shareholders Need to Know
- Board Stability Reaffirmed: The overwhelming support for the Board removes the near-term risk of a change in company strategy or leadership, which could have resulted from a successful proxy challenge.
- Dividend and Profit Growth: With a record of strong earnings and growing dividends, Medallion Financial has demonstrated a clear track record of value creation, which may support upward momentum in the stock price.
- Decreasing Dissident Influence: The declining support for ZimCal’s nominees suggests that investors are increasingly confident in the current management and strategy, which should reduce uncertainty and volatility around future proxy seasons.
- Forward-Looking Risks: Investors should note that management provided the usual caution about forward-looking statements, referencing potential risks related to the economy, inflation, recession, and other market uncertainties. These risks are further detailed in the company’s 2025 Annual Report on Form 10-K.
- Results Subject to Final Certification: The preliminary results are pending certification by the independent inspector of election. Final, certified results will be filed with the SEC in a Form 8-K.
About Medallion Financial Corp.
Medallion Financial Corp. and its subsidiaries originate and service a growing portfolio of consumer and mezzanine loans, with a focus on industries such as recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). The company is headquartered in New York City, with its largest subsidiary, Medallion Bank, based in Salt Lake City, Utah. For more information, visit www.medallion.com.
Investor Contacts
- Investor Relations, Medallion Financial Corp.: 212-328-2176, [email protected]
- Lena Cati, The Equity Group Inc.: [email protected], (212) 836-9611
- Val Ferraro, The Equity Group Inc.: [email protected], (212) 836-9633
Disclaimer: This article contains forward-looking statements subject to risks and uncertainties. Actual results may differ materially from those anticipated due to factors outside the company’s control, including economic conditions, regulatory changes, and other risks described in Medallion’s SEC filings. This report is not investment advice. Investors should conduct their own due diligence before making any investment decisions.
