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 any part of the most recently completed fiscal year that was a TARP period (January 1, 2011 to July 21, 2011), senior
executive officer (SEO) compensation plans and 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 any part of the most recently completed fiscal year that was a TARP 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 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 any part of the most recently completed fiscal year that was a TARP 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 was 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 to SEOs or any of the next twenty most highly
compensated employees, as defined in the regulations and guidance established under section 111 of EESA (bonus payments), 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 a SEO or any of the next five most highly
compensated employees during any part of the most recently completed fiscal year that was a TARP period;

(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 any part of the most recently completed fiscal year that was a TARP period;

(ix) Medallion Financial Corp. and its employees have complied with the excessive or luxury expenditures policy, as defined in the regulations and
guidance established under section 111 of EESA, during any part of the most recently completed fiscal year that was a TARP 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 any part of
the most recently completed fiscal year that was a TARP period;



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(xi) Medallion Financial Corp. will disclose the amount, nature, and justification for the offering, during
any part of the most recently completed fiscal year that was a TARP period, 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);

(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 any part of the most recently completed fiscal year that was a TARP period 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 any part of the most recently completed
fiscal year that was a TARP period;

(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 Bank repaid its TARP obligations on July 21, 2011, therefore Medallion Financial Corp. is not required to submit to Treasury a complete and accurate list of the SEOs and the twenty next most highly compensated employees for the
current 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 27, 2012                
|                                     | 
|By:                                  |  | /s/ Alvin Murstein
|Alvin Murstein                      
|Chairman and Chief Executive Officer