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. As a private company we are excited to continue to grow our unique business and execute on our long term strategic initiatives while delighting our clients and customers."įounded in 1987, CardWorks is a consumer finance lender and servicer, and a people-centric, compliance-focused organization enabled by data and technology. We have been focused on the well-being of our people and our communities during our entire 32-year history, including through these difficult events of 2020. Each of our business lines continues to perform extremely well during these challenging and uncertain times. CardWorks is in an exceptionally strong financial position and our long-term strategic priorities remain intact. "CardWorks has proven through previous recessions to be a great company in difficult times. Brown."After careful consideration, Jeff Brown and I, along with our boards of directors, concluded that it would be in the best interest of our customers and our stakeholders, to terminate the agreement," said CardWorks Founder, Chairman and Chief Executive Officer Don Berman. I’m thrilled to welcome CardWorks to the Ally team and look forward to adding value for all of our stakeholders.” – Ally Chief Executive Officer Jeffrey J. 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. Upon completion of the transaction, Ally will provide over 11 million customers in all 50 states with compelling secured and unsecured banking products.
These additional capabilities immediately enhance Ally’s direct bank deposit and consumer product platform and complement the company’s market-leading auto finance, insurance, and commercial product lines. The deal 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. It is headquartered in Woodbury, NY with facilities in Florida, Utah and Pennsylvania. Under the terms of the agreement, Merrick Bank, a wholly-owned subsidiary of CardWorks, Inc., will merge into Ally Bank. Is a non-prime credit card and consumer finance lender with a full-spectrum unsecured servicing platform and robust merchant services capability. However, now those plans have been cancelled. CardWorks Ally Financial to acquire CardWorks in $2.65 billion dealĪnnounced it will acquire CardWorks for ~ $2.65 billion. CardWorks and Ally Financial pull the plug on merger because of Covid-19 JBack in February, technology-enabled finance lender and compliance solution CardWorks announced it would be acquired by digital financial services firm Ally Financial.
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