Business
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
About this update from Medallion Financial Corp.
[{"type":"text","content":"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 Medalli...