SALT LAKE CITY, April 11, 2024 (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 TriBeam Financial, Inc. (TriBeam Financial) to be its finance partner for home solar systems and related products. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: NASDAQ:MFIN).
TriBeam Financial is a fintech company that provides a point-of-sale lending platform for residential solar equipment and home improvement loans in the U.S. through its large network of installers.
Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, We are pleased to add TriBeam Financial to our strategic partnership program. It has the potential to be our largest partner yet and is a great fit for us since it expands our reach within our home improvement lending segment.
Alexi Evriviades, Founder and Chief Executive Officer of TriBeam Financial, stated, We look forward to our partnership with Medallion Bank, which brings a wealth of expertise in administering home improvement loans through contractors and offers us the best platform to serve consumers through our national base of solar installers.
Loan origination activities have started under this agreement.
About Medallion Bank
Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic 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).
For more information, visit www.medallionbank.com
Forward-Looking StatementsPlease 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 remain, anticipate or the negative version of this word or other comparable words or phrases of a future or forward-looking nature, such as look forward. These statements may relate to our future earnings, returns, capital levels, sources of funding, 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, 2023, 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. Medallion Bank's financial results for any period are not necessarily indicative of Medallion Financial Corp.'s results for the same period.
Company Contact:Investor Relations212-328-2176InvestorRelations@medallion.com
About TriBeam Financial, Inc.
TriBeam Financial, Inc. is a fintech company that provides a point-of-sale lending platform for residential solar equipment and home improvement loans in the U.S. through a national network of installers. TriBeam Financial is based in Boston, Massachusetts. For more information, visit www.tribeamfinancial.com.