Summary of MEDALLION FINANCIAL CORP

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT AND ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION.

On January 12, 2009, Medallion Financial Corp. ("Medallion") entered into an amendment (the "Amendment") to its existing Loan and Security Agreement, dated April 26, 2004 (as previously amended, supplemented or otherwise modified, the "Loan Agreement"), by and between Medallion and Sterling National Bank. Under the terms of the Amendment, the maturity date of the Loan Agreement was extended to July 1, 2009. In connection with the Amendment, on January 12, 2009, Medallion executed a Substitute Revolving Credit Note (the "Note"), in favor of Sterling National Bank, for up to $20 million in principal amount.

The foregoing descriptions of the Amendment and the Note are qualified in their entirety by reference to the Amendment and the Note, which are attached as exhibits hereto and are incorporated herein by reference in their entirety.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

Exhibit No.    Description
 4.1           Substitute Revolving Credit Note, dated as of December 31, 2008, by
               Medallion Financial Corp., in favor of Sterling National Bank.

10.1           Sixth Amendment to Loan and Security Agreement, dated January 12, 2009,
               by and between Medallion Financial Corp. and Sterling National Bank.