Medallion Bank in New York has sold nearly $100 million in prime-credit consumer loans to an unnamed buyer.
The $1.1 billion-asset bank, a unit of Medallion Financial, said in a press release Tuesday that the portfolio largely consisted of home improvement and recreational vehicle installment loans. Medallion declined to name the buyer, noting only that it was a "super-regional bank."
The company noted that the loans, which were sold at a premium, were originated by its bank's consumer lending business.
"This sale is confirmation of the value of Medallion Bank's portfolio activities, and the resulting gains will help facilitate additional future growth," Donald Poulton, the bank's chief executive, said in the release.
In addition to prime-credit home improvement loans and nonprime recreation loans, Medallion Bank also originates taxi medallion and asset-based loans.