The acquisition of CardWorks is going to further diversify Ally’s product offerings, adding an established credit card platform. And under the terms of the agreement, Merrick Bank (a wholly owned subsidiary of CardWorks) will merge into Ally Bank. Our robust corporate finance business offers capital for equity sponsors and middle-market companies.įor more information and disclosures about Ally, visit. Cardworks is a privately held company with 4.7 billion in assets and 2.9 billion in deposits. 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. Following the announcement to acquire CardWorks on February 18, 2020, Fitch, Moodys, S&P,and DBRS affirmed credit ratings for the short-term and senior. 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. "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. The termination was approved by the boards of directors of both companies and is in response to the fluctuating unprecedented economic and market conditions resulting from the COVID-19 global pandemic. Neither party will be required to pay the other a termination fee or break-up fee as a result of the mutual decision to terminate the agreement. (NYSE: ALLY) today announced that the companies have mutually agreed to terminate their merger agreement, previously announced on February 18, 2020, under which Ally had agreed to acquire CardWorks. Your use of the translations is subject to all use restrictions contained in your Electronic Products License Agreement and by using the translation functionality you agree to forgo any and all claims against ProQuest or its licensors for your use of the translation functionality and any output derived there from.WOODBURY, N.Y., J/PRNewswire/ - Cardholder Management Services, Inc. PROQUEST AND ITS LICENSORS SPECIFICALLY DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING WITHOUT LIMITATION, ANY WARRANTIES FOR AVAILABILITY, ACCURACY, TIMELINESS, COMPLETENESS, NON-INFRINGMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. The translations are automatically generated "AS IS" and "AS AVAILABLE" and are not retained in our systems.
Neither ProQuest nor its licensors make any representations or warranties with respect to the translations. This functionality is provided solely for your convenience and is in no way intended to replace human translation. You have requested "on-the-fly" machine translation of selected content from our databases.
0 kommentar(er)
