Medallion Bank, a Salt Lake City bank specializing in consumer loans for the purchase of recreational vehicles, boats and home improvements, has announced that bank president Justin Haley will become CEO, replacing retiring CEO Donald Poulton, who will join the bank's board of directors and become chair of its risk committee. Poulton will retire as CEO on June 30.
"Don has been an exceptional leader and steward of Medallion Bank," said Andrew Murstein, president and CEO of Medallion Financial Corp., the bank's parent company. "We are grateful for his many contributions and, in his new role as chair of the risk committee, for enhancing the continued oversight of the bank's stellar risk management and first-in-class regulatory compliance framework."
"I am pleased to be leaving Medallion Bank in highly capable hands," said Poulton. "Justin has been instrumental in building Medallion Bank's consumer lending platforms over the past 14 years, drawing on more than 30 years of broader banking experience. His leadership, market knowledge, and commitment to excellence position him exceptionally well to lead Medallion Bank into its next chapter of growth. I look forward to supporting the bank in my role as risk committee chair and remain confident in the bank's long-term prospects."
Haley has been with Medallion Bank for 14 years, most recently overseeing day-to-day operations, strategic initiatives and business development. His deep knowledge of the bank's lending platforms, regulatory relationships and operational infrastructure positions him to continue the bank's trajectory of disciplined growth and profitability, Medallion Financial said in its announcement.
"We have a strong team at Medallion Bank, and I am grateful for the confidence placed in me by the board and by Don," said Haley. "Medallion Bank has grown into a premier specialty finance lender with quality assets, strong capital ratios and best-in-class performance metrics. We expect to build on this foundation by continuing our growth in home improvement and recreation lending, expanding our fintech strategic partnerships, and delivering sustained, long-term value to both the bank's and Medallion Financial Corp.'s shareholders."
In addition to its consumer loan business, Medallion Bank provides loan origination services to fintech strategic partners. It is a Utah-chartered, FDIC-insured industrial bank.
