Medallion Financial Corp. announced that the board will add two new independent directors to its Board of Directors and has created a Lead Independent Director position on the Board. Brent O. Hatch has been appointed to the Company's Board and assumed the newly established role of Lead Independent Director, effective immediately.

Hatch has also joined the Audit Committee, Nominating and Governance Committee and Investment Oversight Committee of the Board. With the appointment of Hatch, the Board has expanded to nine members. Hatch is the founder of the law firm Hatch Law Group, PC and previously served in the White House as Associate Counsel to President George H.W. Bush.

Hatch currently serves as an independent director and Audit Committee member at Medallion Bank. The Company has commenced a search process for an additional independent director to be added to the Board later this year and will engage a third-party executive search firm to assist the Board in identifying suitable candidates. Current independent director Frederick Menowitz will retire from the Board no later than the appointment of the new independent director.

Hatch and the new independent director, when appointed, will participate in the Board's ongoing oversight of the Company, including the Company's response to all regulatory matters, consistent with their fiduciary duties.