Medallion Bank Fortifies Leadership to Steer Growth in Niche Lending

SALT LAKE CITY, UT – January 12, 2026 – Medallion Bank, a key player in specialized consumer finance, today announced a significant leadership shuffle, promoting long-time executives Justin Haley to President and Travis Betenson to Senior Vice President and Chief Financial Officer. The move signals a clear strategy of leveraging internal expertise and ensuring leadership stability as the bank navigates growth in its core markets.

The promotions, effective immediately, place two seasoned veterans at the helm of the Salt Lake City-based industrial bank. Medallion Bank, a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN), has carved out a substantial niche providing consumer loans for recreational vehicles, boats, and home improvements, while also expanding its loan origination services for fintech partners.

A Strategy of Stability and Internal Expertise

The appointments are a testament to Medallion Bank’s focus on succession planning and cultivating talent from within. Justin Haley’s journey to the presidency began in November 2011 when he joined the bank to build its home improvement lending division from the ground up. His nearly 15-year tenure has seen him rise through the ranks, serving as SVP and Chief Operating Officer in 2015 before taking on the role of EVP and Chief Financial Officer in 2021.

During his time as COO and CFO, Haley was instrumental in several critical initiatives, including insourcing the bank's information technology functions and executing its first public preferred stock offering—achievements that demonstrate a deep understanding of both the operational and financial pillars of the institution. In his new role as President, he will continue to report to CEO Donald Poulton.

Travis Betenson’s promotion to CFO underscores the bank’s strategic foresight. Joining in January 2024 as VP of Finance, Betenson was quickly promoted to SVP of Finance later that year. His background includes over 15 years of banking leadership, with crucial experience as CFO for two other Utah-based industrial banks, First Electronic Bank and Milestone Bank. This specialized experience makes him uniquely qualified to step into the role Haley vacated.

CEO Donald Poulton highlighted the deliberate nature of this transition. “When Justin joined us in 2011, it was immediately clear that he possessed the knowledge, work ethic and leadership skills to one day serve as its President,” Poulton stated. “The ability to elevate Justin into this new role started coming together two years ago with the addition of Travis Betenson, whose experience and expertise positioned him perfectly to succeed Justin as Chief Financial Officer. Justin and Travis collaborate seamlessly.”

Navigating the Specialized Lending Landscape

This new leadership team takes charge at a pivotal moment. Medallion Bank has established a strong financial footing, driven by a high net interest margin that consistently exceeds 8%, a figure that is often double or triple that of most banks. This profitability is rooted in its focus on niche markets. As of late 2025, the parent company’s loan portfolio stood at over $2.5 billion, with recreation loans ($1.6 billion) and home improvement loans ($804 million) forming the core of the business.

The bank celebrated a record year for recreation loan originations in 2024, exceeding $526 million. However, more recent data from Q3 2025 showed a flattening in new recreation loan originations and a decrease in home improvement originations compared to the prior year. This suggests a more challenging economic environment. Concurrently, delinquencies on recreation loans have ticked up, rising to 4.97% from 4.15% a year prior, a metric the new leadership will need to manage closely.

Despite these headwinds, the bank’s credit quality remains robust, with average FICO scores on new loans in the near-prime to super-prime categories. The extensive experience of Haley and Betenson in industrial banking and specialized finance is seen as a critical asset for navigating these mixed market signals and maintaining the bank's growth trajectory.

Expanding Beyond Traditional Loans into Fintech

While its traditional lending businesses remain central, Medallion Bank is increasingly turning to technology and partnerships to fuel future growth. A key area of expansion is its loan origination services for fintech strategic partners, a segment often referred to as Banking-as-a-Service (BaaS).

This initiative has shown explosive growth, with the strategic partnership program achieving record originations of $208.4 million in the third quarter of 2025 alone. By providing the regulatory and banking infrastructure for fintech firms, Medallion Bank is positioning itself at the forefront of financial innovation. This strategy not only diversifies its revenue streams but also embeds it deeper into the evolving financial technology ecosystem.

Haley’s past success in leading the bank’s technology insourcing efforts suggests he is well-equipped to champion this high-growth division. The ability to blend a personal-touch service model for its thousands of dealer and contractor partners with cutting-edge fintech solutions will be crucial for the bank’s continued success under its new leadership.

This strategic fortification at Medallion Bank aligns with a broader leadership transition at its parent company, Medallion Financial Corp., which has successfully pivoted from its legacy in taxi medallion financing to a diversified consumer and commercial lender. With a stable and experienced executive team now firmly in place, Medallion Bank appears poised to continue its disciplined expansion and solidify its position as a leader in specialized American finance.