'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. Enhances Ally's return profile and immediately improves revenue generating capabilitiesĬHARLOTTE, N.C., Feb. Aligns with Ally's long-term strategic objective to provide a comprehensive suite of compelling, differentiated financial services products for our customers Acquisition provides Ally instant capability and scale opportunity in credit card, including full-spectrum unsecured servicing capability, and merchant services

Strong cultural fit across both firms - relentless customer-focus and ongoing commitment to stakeholders, employees and communities Experienced and cycle-tested team with deep unsecured lending expertise CardWorks, founded in 1987, is a leading non-prime credit card and consumer finance lender with a full-spectrum unsecured servicing platform and robust merchant services capability Subsidiary Financials & Other Regulatory Filings

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