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Medallion Bank (Nasdaq: MBNKP) has partnered with LoanPro to enhance its digital lending capabilities for consumer loans. This collaboration integrates Medallion's finance expertise with LoanPro's automated loan servicing software, aiming to improve efficiency and customer service. Donald Poulton, CEO of Medallion Bank, emphasized the importance of this partnership for scaling loan servicing operations. LoanPro's platform is utilized by over 600 lenders in the U.S. and Canada, focusing on data visibility and workflow automation.
Medallion Bank (Nasdaq: MBNKP) reported a strong first quarter for 2021, posting a net income of $13.8 million compared to a net loss of $0.4 million in the prior year's quarter. Net interest income increased to $31.0 million from $27.8 million. The bank saw significant growth in its loan portfolios: recreation loans rose by 11% and home improvement loans by 34% year-over-year. A quarterly cash dividend of $0.50 per share on Series F preferred stock was declared, payable July 1, 2021.
Medallion Financial Corp. (MFIN) announced that Medallion Bank (MBNKP) has signed a definitive agreement with ClearGage, LLC to offer loan origination services. ClearGage's technology platform will facilitate point-of-sale consumer finance programs, focusing on the healthcare and wellness sectors. Donald Poulton, CEO of Medallion Bank, expressed enthusiasm for the partnership, highlighting compliance and credit risk management advantages. ClearGage CEO Derek Barclay noted the collaboration aims to enhance patient solutions, boost patient volumes, and optimize collections.
Medallion Bank (Nasdaq: MBNKP) announced its 2020 fourth quarter and full year results, achieving a record net income of $14.3 million in Q4, up from $6.7 million in the prior year. Total assets reached $1.3 billion, with a strong capital position of $218.5 million. However, the full year net income dropped to $2.5 million compared to $20.4 million in 2019. The Bank declared a $0.50 dividend per share, payable on April 1, 2021. The recreation and home improvement loan segments showed promising growth, contributing significantly to net income.
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