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Medallion Financial sells asset-based lending division

MedallionFinancial Corp. ($730.7 million) sold its asset-based lendingdivision, Medallion Business Credit.

Salt Lake City-based Medallion Bank and Medallion Business Credit closed on asale of more than $40 million in performing loans to an unnamed "largesuper regional bank," according to a press release.

Medallion Financial President Andrew Murstein said in therelease that the deal will be accretive to earnings and that the division wasthe company's smallest and least profitable.