Exhibit 99.1

CERTIFICATION PURSUANT TO

SECTION 111(b)(4)

OF THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008

I, Alvin Murstein, certify, based on my knowledge, that:

(i) The compensation
committee of Medallion Financial Corp. has discussed, reviewed, and evaluated with senior risk officers at least every six months during the period beginning on the later of September 14, 2009, or ninety days after the closing date of the
agreement between the TARP recipient and Treasury and ending with the last day of the TARP recipients fiscal year containing that date (the applicable period), the senior executive officer (SEO) compensation plans and the employee compensation
plans and the risks these plans pose to Medallion Financial Corp.;

(ii) The compensation committee of Medallion Financial
Corp. has identified and limited during the applicable period any features of the SEO compensation plans that could lead SEOs to take unnecessary and excessive risks that could threaten the value of Medallion Financial Corp., and during the same
applicable period has identified any features of the employee compensation plans that pose risks to Medallion Financial Corp. and has limited those features to ensure that Medallion Financial Corp. is not unnecessarily exposed to risks;

(iii) The compensation committee has reviewed at least every six months during the applicable period, the terms of each employee
compensation plan and identified any features of the plan that could encourage the manipulation of reported earnings of Medallion Financial Corp. to enhance the compensation of an employee, and has limited any such features;

(iv) The compensation committee of Medallion Financial Corp. will certify to the reviews of the SEO compensation plans and employee
compensation plans required under (i) and (iii) above;

(v) The compensation committee of Medallion Financial Corp.
will provide a narrative description of how it limited during any part of the most recently completed fiscal year that included a TARP period the features in

(A) SEO compensation plans that could lead SEOs to take unnecessary and excessive risks that could threaten the value of Medallion Financial Corp.;

(B) Employee compensation plans that unnecessarily expose Medallion Financial Corp. to risks; and

(C) Employee compensation plans that could encourage the manipulation of reported earnings of Medallion Financial Corp. to enhance the
compensation of an employee;

(vi) Medallion Financial Corp. has required that bonus payments, as defined in the regulations
and guidance established under section 111 of EESA (bonus payments), of the SEOs and twenty next most highly compensated employees, be subject to a recovery or clawback provision during any part of the most recently completed fiscal year
that was a TARP period if the bonus payments were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria;

(vii) Medallion Financial Corp. has prohibited any golden parachute payment, as defined in the regulations and guidance established under section 111 of EESA, to an SEO or any of the next five most highly
compensated employees during the period beginning on the later of the closing date of the agreement between the TARP recipient and Treasury or June 15, 2009 and ending with the last day of the TARP recipients fiscal year containing that
date;

(viii) Medallion Financial Corp. has limited bonus payments to its applicable employees in accordance with section 111
of EESA and the regulations and guidance established thereunder during the period beginning on the later of the closing date of the agreement between the TARP recipient and Treasury or June 15, 2009 and ending with the last day of the TARP
recipients fiscal year containing that date;

(ix) The board of directors of Medallion Financial Corp. has established
an excessive or luxury expenditures policy, as defined in the regulations and guidance established under section 111 of EESA, by the later of September 14, 2009, or ninety days after the closing date of the agreement between the TARP recipient
and Treasury; this policy has been provided to Treasury and its primary regulatory agency; Medallion Financial Corp. and its employees have complied with this policy during the applicable period; and any expenses that, pursuant to this policy,
required approval of the board of directors, a committee of the board of directors, an SEO, or an executive officer with a similar level of responsibility were properly approved;

(x) Medallion Financial Corp. will permit a non-binding shareholder resolution in compliance with any applicable Federal securities rules
and regulations on the disclosures provided under the Federal securities laws related to SEO compensation paid or accrued during the period beginning on the later of the closing date of the agreement between the TARP recipient and Treasury or
June 15, 2009 and ending with the last day of the TARP recipients fiscal year containing that date;

(xi) Medallion
Financial Corp. will disclose the amount, nature, and justification for the offering during the period beginning on the later of the closing date of the agreement between the TARP recipient and Treasury or June 15, 2009 and ending with the last
day of the TARP recipients fiscal year containing that date of any perquisites, as defined in the regulations and guidance established under section 111 of EESA, whose total value exceeds $25,000 for any employee who is subject to the bonus
payment limitations identified in paragraph (viii);



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(xii) Medallion Financial Corp. will disclose whether Medallion Financial Corp., the board
of directors of Medallion Financial Corp., or the compensation committee of Medallion Financial Corp. has engaged during the period beginning on the later of the closing date of the agreement between the TARP recipient and Treasury or June 15,
2009 and ending with the last day of the TARP recipients fiscal year containing that date, a compensation consultant; and the services the compensation consultant or any affiliate of the compensation consultant provided during this period;

(xiii) Medallion Financial Corp. has prohibited the payment of any gross-ups, as defined in the regulations and guidance
established under section 111 of EESA, to the SEOs and the next twenty most highly compensated employees during the period beginning on the later of the closing date of the agreement between the TARP recipient and Treasury or June 15, 2009 and
ending with the last day of the TARP recipients fiscal year containing that date;

(xiv) Medallion Financial Corp. has
substantially complied with all other requirements related to employee compensation that are provided in the agreement between Medallion Financial Corp. and Treasury, including any amendments;

(xv) Medallion Financial Corp. has submitted to Treasury a complete and accurate list of the SEOs and the twenty next most highly
compensated employees for the current fiscal year and the most recently completed fiscal year, with the non-SEOs ranked in descending order of level of annual compensation, and with the name, title, and employer of each SEO and most highly
compensated employee identified; and

(xvi) I understand that a knowing and willful false or fraudulent statement made in
connection with this certification may be punished by fine, imprisonment, or both.

Date: March 12, 2010



|                                     |  |                   
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|                                     | 
|By:                                  |  | /s/ Alvin Murstein
|Alvin Murstein                      
|Chairman and Chief Executive Officer