I'm thrilled to welcome CardWorks to the Ally team and look forward to adding value for all of our stakeholders."Ĭonsideration 3 for the transaction will include approximately $1.35 billion of cash and $1.30 billion in Ally common stock, or 39.5 million shares 4. Both companies share a deep-rooted history of disciplined risk management and an obsession over the customer. Beyond the compelling strategic rationale and financial enhancements this transaction brings, CardWorks is an ideal cultural fit for Ally. "I have tremendous admiration for the three decades of leadership Don Berman has provided as founder and CEO and remain impressed with what the entire team has accomplished in building a resilient, growing business with a commitment to the customer. "CardWorks represents an industry-leading credit card platform in the U.S., and this acquisition serves as an important milestone in Ally's evolution to be a full-service financial provider for our customers," said Ally Chief Executive Officer Jeffrey J. Additionally, CardWorks provides recreational and marine consumer finance products and is a top-15 2 merchant acquirer in the United States. credit card issuer focused on the non-prime segment with a complementary full-spectrum unsecured servicing operation that includes third-party servicing and recovery capabilities. Upon completion of the transaction, Ally will provide over 11 million customers in all 50 states with compelling secured and unsecured banking products.ĬardWorks is a privately held company headquartered in Woodbury, NY with facilities in Florida, Utah and Pennsylvania. These additional capabilities immediately enhance Ally's award-winning direct bank deposit and consumer product platform and complement the company's market-leading auto finance, insurance, and commercial product lines. The acquisition of CardWorks will further diversify Ally's product offerings, adding an established credit card platform, full-spectrum servicing and recovery operation and a nationwide merchant acquiring business. Under the terms of the agreement, Merrick Bank, a wholly owned subsidiary of CardWorks, Inc., will merge into Ally Bank. Cardworks is a privately held company with $4.7 billion in assets and $2.9 billion in deposits 1. (NYSE: ALLY) announced today that it has entered into a definitive agreement to acquire CardWorks in a transaction valued at approximately $2.65 billion. 18, 2020 /PRNewswire/ - Ally Financial Inc. Our robust corporate finance business offers capital for equity sponsors and middle-market companies.įor more information and disclosures about Ally, visit. Additionally, we offer securities-brokerage and investment-advisory services through Ally Invest.
Our award-winning online bank ( Ally Bank, Member FDIC and Equal Housing Lender) offers mortgage lending, personal lending, and a variety of deposit and other banking products, including savings, money-market, and checking accounts, certificates of deposit (CDs), and individual retirement accounts (IRAs). We are one of the largest full-service automotive-finance operations in the country and offer a wide range of financial services and insurance products to automotive dealerships and consumers. As a customer-centric company with passionate customer service and innovative financial solutions, we are relentlessly focused on "Doing it Right" and being a trusted financial-services provider to our consumer, commercial, and corporate customers. (NYSE: ALLY) is a leading digital financial-services company with $182.5 billion in assets as of March 31, 2020. credit card merchant acquirer, clearing approximately $32 billion in transaction volume per year for 85,000 merchants and 42 independent sales organizations.įor more information, visit About Ally Financial Inc.Īlly Financial Inc. While Merrick Bank specializes in non-prime consumer lending, it is also a top-15 U.S. Merrick Bank also provides finance options to consumers through marine and recreational vehicle dealers throughout the country. Merrick Bank, founded in 1997 as a wholly owned subsidiary of CardWorks, is an FDIC insured top-20 U.S. CardWorks is a leading servicer of nationally-branded MasterCard/Visa cards, private label cards, secured cards, and other unique products, as well as secured and unsecured installment loans.
Founded in 1987, CardWorks is a consumer finance lender and servicer, and a people-centric, compliance-focused organization enabled by data and technology.
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