The merger consideration remains subject to closing equity and other adjustments and fill-or-kill rights.ĭon 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 ![]() Both companies share a deep-rooted history of disciplined risk management and an obsession over the customer. Beyond theĬompelling strategic rationale and financial enhancements this transaction brings, CardWorks is an ideal cultural fit for Ally. I have tremendousĪdmiration 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. Platform in the U.S., and this acquisition serves as an important milestone in Allys evolution to be a full-service financial provider for our customers, said Ally Chief Executive Officer Jeffrey J. ∼ardWorks represents an industry-leading credit card Additionally, CardWorks provides recreational and marine consumer finance products and is a top-15 2 merchant acquirer in the United States. ![]() Operation that includes third-party servicing and recovery capabilities. credit card issuer focused on the non-prime segment with a complementary full-spectrum unsecured servicing ![]() 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 Allys award-winning direct bank deposit and consumer product platform and complement the companys market-leading autoįinance, insurance, and commercial product lines. Recovery operation and a nationwide merchant acquiring business. The acquisition of CardWorks will further diversify Allys product offerings, adding an established credit card platform, full-spectrum servicing and 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. It has entered into a definitive agreement to acquire CardWorks in a transaction valued at approximately $2.65 billion. Unsecured servicing capability, and merchant servicesĪligns with Allys long-term strategic objective to provide a comprehensive suite of compelling,ĭifferentiated financial services products for our customersĮnhances Allys return profile and immediately improves revenue generating capabilitiesĬHARLOTTE, N.C., Febru/PRNewswire/ Ally Financial Inc. ![]() Strong cultural fit across both firms relentless customer-focus and ongoing commitment to stakeholders,Īcquisition provides Ally instant capability and scale opportunity in credit card, including full-spectrum Ally Financial Announces Agreement to Acquire CardWorksĬardWorks, founded in 1987, is a leading non-prime credit card andĬonsumer finance lender with a full-spectrum unsecured servicing platform and robust merchant services capabilityĮxperienced and cycle-tested team with deep unsecured lending expertise
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