Since Medallion Bank opened its doors in 2004, we’ve focused on the long term health of our company. That started with a company culture that we live by and which keeps us strong. It extended to the way we underwrite and price loans, ensuring that we keep in mind the full business cycle and not just the present (sometimes irrational) reality. It informed how we planned for possible business disruptions, planning that led us to move to the cloud a few years ago and develop a pandemic plan before that.
We saw first-hand in 2008-2009 how the focus on the long term drove benefits. We were able to keep our doors open while others like us closed, some of them forever. We remained modestly profitable while others like us lost money, sometimes lots of money. We gained market share afterward because we were here during the initial recovery and the competition was light. It was a tough recession and we learned a lot through suffering. We are glad it is in the rear-view mirror.
But here’s the rub: this isn’t about us. This is about YOU.
We built our business this way so we can be here for dealers, contractors and financial service providers in our chosen markets when the chips are down. And right now, the chips are definitely down due to COVID-19. This crisis may be harder on people, companies and society than anything in our lifetimes.
To do our part, Medallion Bank is remaining open for business. We will always be cautious because we are a bank, but we plan to be open and cautious. Our employees are working remotely so they can serve you and also stay safe. Customers who are in trouble are contacting us and we’re helping them remain our customers and experience less stress during the crisis. We’re committed to doing what we can as a responsible lender.
So, if you are one of our existing RV/marine dealers or home improvement contractors, we’re glad you’re with us and strive to fully live up to your expectations. If you are not an existing dealer or contractor and are looking for a long-term financing option, please reach out to us to talk. If you are a borrower and having trouble, contact us today.
We wish you the best and hope for good health and safety for all.