Medallion Financial Corp., the parent company of RV lender Medallion Bank, will have a new CEO in 2026.
Alvin Murstein, who has been the CEO since February 1996, will step down from his role. He has led Medallion Financial Corp. and its predecessor companies for over 60 years.
Murstein’s son, Andrew, will step into the CEO position effective Jan. 31. Andrew Murstein will continue to serve as president and chief operating officer, in addition to his CEO duties.
Alvin Murstein will become executive chairman of the company’s board of directors. He will continue the role until his retirement in May 2027. Andrew Murstein will continue his position as a board member.
“I am honored to take on the additional responsibility of chief executive officer,” Andrew Murstein said, “and continue guiding Medallion through its next phase of growth. Under Alvin’s guidance, we have built a strong foundation based in large part to his extraordinary leadership. Together, we established a highly diversified lending platform based on disciplined underwriting standards, by integrating both traditional and fintech-driven origination channels to deliver consistent yields and shareholder value.”
The Mursteins said the transition is part of a planned leadership succession process designed to ensure continuity and sustained strategic growth. Alvin Murstein said his son’s experience and vision for the company made him an ideal choice to fill the role.
“He has done an outstanding job pivoting the company away from its taxi medallion lending roots and has guided the company to record earnings and assets,” Alvin Murstein said. “This planned transition positions the company for long-term growth and continued market prominence.”
Andrew Murstein said under his leadership the company will leverage technology and data-driven insights to expand its lending platform and enhance efficiencies.
