NEW YORK - Medallion Financial Corp. (NASDAQ:MFIN), a company specializing in consumer and mezzanine loans, announced today the endorsement of its board nominees and executive compensation strategy by leading independent proxy advisory firms ahead of its 2024 Annual Meeting on June 11. Glass, Lewis & Co., and Institutional Shareholder Services have recommended that shareholders vote for Medallion's board candidates and executive pay plan.
In a recent report, Glass Lewis acknowledged Medallion's performance, stating it was comparable or superior to its peers based on total shareholder return and other metrics. They also expressed confidence in the current board's strategy and raised concerns about the independence of opposing nominees due to affiliations with a significant debtor and a competitor.
Medallion's chairman and CEO, Alvin Murstein, along with Lead Independent Director Brent O. Hatch, welcomed the endorsements, emphasizing the board's commitment to shareholder value. Shareholders are urged to vote on the blue proxy card for the re-election of directors Robert M. Meyer and David L. Rudnick, and for the executive compensation plan.
The board advises shareholders to disregard any proxy materials from dissident Stephen Hodges. Shareholders seeking assistance with voting are directed to contact Alliance Advisors.
The company, headquartered in New York City, with its largest subsidiary Medallion Bank in Utah, services a portfolio that includes loans for recreational vehicles and home improvements. Detailed information on the board's recommendations can be found at www.votemedallion.com.
This announcement is based on a press release statement and contains forward-looking statements subject to risks and uncertainties. Shareholders are encouraged to read all relevant documents filed with the SEC for more information before voting.
In other recent news, Medallion Financial Corp has been making significant strides in its operations. The company has received an endorsement from Institutional Shareholder Services (ISS), a leading proxy advisory firm, for its board nominees and executive compensation approach. This endorsement extends to the re-election of board members Robert M. Meyer and David L. Rudnick, and the company's executive compensation, emphasizing the alignment of pay and performance.
Medallion Financial Corp has reported a strong start to 2024, following a record-breaking 2023. The company has witnessed growth across multiple segments, including a 10% increase in net interest income and a strategic partnership with TriBeam in the solar installation space, which is expected to contribute $1-2 million to the bottom line.
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