Ally Financial Inc 8-K, filed Jun 24, 2020
Ally Financial Inc. (ALLY)
About this 8-K
Ally Financial Inc filed this 8-K on June 24, 2020.
Items reported
- Item 1.02: Ended a material agreement
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
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| Item 1.02 | Termination of a Material Definitive Agreement. |
As previously disclosed, on February 18, 2020, Ally Financial Inc. (Ally) entered into an Agreement and Plan of Merger (the Merger Agreement) with Wildcat Merger Sub I LLC, a Delaware limited liability company and a wholly owned subsidiary of Ally, Wildcat Merger Sub II LLC, a Delaware limited liability company and a wholly owned subsidiary of Ally, Cardholder Management Services, Inc., a New York corporation, Donald M. Berman, in his individual capacity and as grantor of the Son’s Trust and the Daughter’s Trust (as those terms are defined in the Merger Agreement), Richard Berman, in his capacity as Trustee of the Son’s Trust and the Daughter’s Trust, B2 FIE VIII LLC, PCP CW Aggregator Holdings, L.P., Reverence Card Co-Invest, L.P., and the Stockholders’ Representative (as that term is defined in the Merger Agreement).
On June 24, 2020, the parties to the Merger Agreement (other than the Stockholders’ Representative) entered into an agreement (the Mutual Termination Agreement) pursuant to which the Merger Agreement was terminated.
The foregoing descriptions of the Merger Agreement and the Mutual Termination Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Merger Agreement, which was previously filed as Exhibit 2.1 to Ally’s Current Report on Form 8-K filed on February 20, 2020, and the full text of the Mutual Termination Agreement, which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.
| Item 8.01 | Other Events. |
On June 24, 2020, Ally issued a press release announcing the termination of the Merger Agreement, a copy of which is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Forward Looking Statements.
This filing and related communications contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made.
Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in our Annual Report on Form 10-K for the year ended December 31, 2019, our subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our SEC filings). Factors that could cause actual results to differ from those included in forward-looking statements include: : evolving local, regional, national, or international business, economic, or political conditions; changes in laws or the regulatory or supervisory environment, including as a result of recent financial services legislation, regulation, or policies or changes in government officials or other personnel; changes in monetary, fiscal, or trade laws or policies, including as a result of actions by government agencies, central banks, or supranational authorities; changes in accounting standards or policies, including ASU 2016-13, Financial Instruments-Credit
Losses; changes in the automotive industry or the markets for new or used vehicles, including the rise of vehicle sharing and ride hailing, the development of autonomous and alternative-energy vehicles, and the impact of demographic shifts on attitudes and behaviors toward vehicle ownership and use; disruptions or shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations; uncertainty about the future of LIBOR and any negative impacts that could result; changes in business or consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households; changes in our corporate or business strategies, the composition of our assets, or the way in which we fund those assets; our ability to execute our business strategy for Ally Bank, including its digital focus; our ability to optimize our automotive finance and insurance businesses and to continue diversifying into and growing other consumer and commercial business lines, including mortgage lending, personal lending, corporate finance, brokerage, and wealth management; our ability to develop capital plans that will be approved by the FRB and our ability to implement them, including any payment of dividends or share repurchases; our ability to effectively manage capital or liquidity consistent with evolving business or operational needs, risk-management standards, and regulatory or supervisory requirements; our ability to cost-effectively fund our business and operations, including through deposits and the capital markets; changes in any credit rating assigned to Ally, including Ally Bank; adverse publicity or other reputational harm to us or our senior officers; our ability to develop, maintain, or market our products or services or to absorb unanticipated costs or liabilities associated with those products or services; our ability to innovate, to anticipate the needs of current or future customers, to successfully compete, to increase or hold market share in changing competitive environments, or to deal with pricing or other competitive pressures; the continuing profitability and viability of our dealer-centric automotive finance and insurance businesses, especially in the face of competition from captive finance companies and their automotive manufacturing sponsors and challenges to the dealer’s role as intermediary between manufacturers and purchasers; our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk; changes in the credit, liquidity, or other financial condition of our customers, counterparties, service providers, or competitors; our ability to effectively deal with economic, business, or market slowdowns or disruptions; judicial, regulatory, or administrative investigations, proceedings, disputes, or rulings that create uncertainty for, or are adverse to, us or the financial services industry; our ability to address stricter or heightened regulatory or supervisory requirements and expectations; the performance and availability of third-party service providers on whom we rely in delivering products and services to our customers and otherwise conducting our business and operations; our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure, including our capacity to withstand cyberattacks; the adequacy of our corporate governance, risk-management framework, compliance programs, or internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting or to effectively mitigate or manage operational risk; the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk; our ability to keep pace with changes in technology that affect us or our customers, counterparties, service providers, or competitors; and the adequacy of our succession planning for key executives or other personnel and our ability to attract or retain qualified employees; natural or man-made disasters, calamities, or conflicts, including terrorist events and pandemics (such as adverse effects of the COVID-19 pandemic on us and our customers, counterparties, employees, and third-party service providers). Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made.
We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
The following exhibits are filed as part of this Report.
| Exhibit |
Description of Exhibits | |||
| 10.1 |
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| 99.1 |
Press Release Announcing Termination of Merger Agreement, dated June 24, 2020 | |||
| 104 |
The cover page from this Current Report on Form 8-K, formatted in inline XBRL | |||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ALLY FINANCIAL INC. (Registrant) | ||||||
| Dated: June 24, 2020 |
/s/ Jeffrey A. Belisle | |||||
| Jeffrey A. Belisle | ||||||
| Associate General Counsel and Corporate Secretary |
Exhibit 10.1
MUTUAL TERMINATION AGREEMENT
MUTUAL TERMINATION AGREEMENT (this “Agreement”), dated as of June 24, 2020, by and among (i) Ally Financial Inc., a Delaware corporation (“Parent”); (ii) Wildcat Merger Sub I LLC, a Delaware limited liability company and a wholly owned subsidiary of Parent (“Merger Sub I”); (iii) Wildcat Merger Sub II LLC, a Delaware limited liability company and a wholly owned subsidiary of Parent (“Merger Sub II”); (iv) Cardholder Management Services, Inc., a New York corporation (the “Company”); (v) Donald M. Berman (the “Founder”), in his individual capacity and as grantor of the Donald M. Berman Children’s Trust F/B/O Matthew E. Berman, U/A dated May, 1994 between Donald M. Berman as Grantor and Richard Berman as Trustee (the “Son’s Trust”) and the Donald M. Berman Children’s Trust F/B/O Erica L. Berman, U/A dated May, 1994 between Donald M. Berman as Grantor and Richard Berman as Trustee (the “Daughter’s Trust”), and Richard Berman, in his capacity as Trustee of the Son’s Trust and the Daughter’s Trust; (vi) B2 FIE VIII LLC (“PE Stockholder 1”); (vii) PCP CW Aggregator Holdings, L.P. (“PE Stockholder 2”); and (viii) Reverence Card Co-Invest, L.P. (“PE Stockholder 3”) (together with the Founder, the Son’s Trust, the Daughter’s Trust, PE Stockholder 1 and PE Stockholder 2, each a “Key Stockholder” and collectively, the “Key Stockholders” and, together with Parent, Merger Sub I, Merger Sub II and the Company, the “Parties” and each, a “Party”).
W I T N E S S E T H:
WHEREAS, the Parties and Fortis Advisors LLC, a Delaware limited liability company, solely in its capacity as the representative, agent and attorney-in-fact of the Stockholders have entered into that certain Agreement and Plan of Merger, dated as of February 18, 2020 (the “Merger Agreement”). Any capitalized term used but not otherwise defined herein shall have the meaning set forth in the Merger Agreement.
WHEREAS, Section 11.01(a) of the Merger Agreement provides that the Merger Agreement may be terminated before the Closing by mutual written consent of Parent and the Company.
WHEREAS, the Boards of Directors of Parent and the Company have determined that it is in the best interests of their respective companies and their respective shareholders to terminate the Merger Agreement in accordance with the terms hereof.
WHEREAS, the Parties wish to make certain other agreements in connection with the termination of the Merger Agreement.
NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained herein, and intending to be legally bound hereby, the Parties agree as follows:
1. Parent and the Company terminate the Merger Agreement, effective as of the execution of this Agreement, with this Agreement constituting the requisite mutual agreement and written consent required to terminate the Merger Agreement pursuant to Section 11.01(a) of the Merger Agreement and otherwise as may be required pursuant to applicable Law. Parent and the Company acknowledge that, as a result, the conditions precedent in the Executive Offer Letters, the agreements described in Recital I to the Merger Agreement and any other offer letters between Parent and any current Company employees have not and will not be satisfied. The Parties acknowledge that no Transaction Agreements or other agreements arising from or relating to the Merger exist among any of them, except for the agreements described earlier in this Section 1, the Confidentiality Agreement, and the Joinders to the Confidentiality Agreement executed by PE Stockholder 1, PE Stockholder 2 and PE Stockholder 3.
2. The Merger Agreement is hereby and forthwith void and without effect, and notwithstanding anything in the Merger Agreement (including Section 11.03 (Effect of Termination) thereof) to the contrary, none of the Parties, any of their respective affiliates or subsidiaries, or any of the officers, directors, employees, agents, or representatives of any of them shall have any obligation or Liability of any nature whatsoever under the Merger Agreement or in connection with the Transactions or their termination (the “Released Liabilities”), except that Sections 7.05(a) (Confidentiality) and 14.02 (Expenses) of the Merger Agreement, the Confidentiality Agreement, and the Joinders to the Confidentiality Agreement executed by PE Stockholder 1, PE Stockholder 2 and PE Stockholder 3 and this Agreement shall survive such termination of the Merger Agreement (the “Surviving Obligations”). Each of the Parties, on behalf of itself and its respective affiliates and subsidiaries, to the fullest extent permitted by applicable Law, hereby knowingly, willingly, irrevocably and expressly waives, acquits, remises, discharges and forever releases each of the other Parties, their respective affiliates or subsidiaries, and the officers, directors, employees, agents, or representatives of any of them from any and all Released Liabilities other than any Surviving Obligations and will not seek to recover any amounts at law or in equity in connection therewith.
3. The press release of Parent and the press release of the Company announcing the termination of the Merger Agreement pursuant to this Agreement are set forth on Annex A-1 and Annex A-2, respectively. Each of Parent and the Company agrees to issue its press release at 4:30 p.m., New York City time, on June 24, 2020. Thereafter, no Party shall make any public statements regarding the Transactions or their termination, except those that do not contradict the press releases or as required by applicable Law.
4. Other than as a Party may determine is factually accurate and reasonably necessary (a) to respond to any legal or regulatory process, exam, or proceeding or (b) to give testimony or file any documents in any legal or regulatory proceeding, each Party, on behalf of itself and its Subsidiaries, officers and directors, agrees that for a period of two (2) years from and after the date of this Agreement, it will not, and will not authorize, induce or encourage any other Person to, directly or indirectly, make any public or private statements or other communications that disparage, denigrate or malign any other Parties or their respective Subsidiaries or Representatives. This provision is not intended to restrict (a) the publication of credit or similar research reports in the ordinary course of business that may relate to another Party but do not involve confidential information of such other Party, or (b) strictly internal communications of a Party.
5. Each of Parent and the Company hereby represents and warrants to the other Parties that (a) such Party has full corporate power and authority to execute and deliver this Agreement, (b) the execution and delivery of this Agreement, the termination of the Merger Agreement and consummation of the other transactions contemplated hereby have been duly and validly approved by the Board of Directors of such Party, (c) no other corporate proceedings on the part of such Party are necessary to approve this Agreement or the termination of the Merger Agreement or to consummate the other transactions contemplated hereby and (d) this Agreement has been duly and validly executed and delivered by such Party and (assuming due authorization, execution and delivery by the other Parties) constitutes a valid and binding obligation of such Party, enforceable against such Party in accordance with its terms (except in all cases as such enforceability may be limited by the Bankruptcy and Equity Exception).
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6. Each Key Stockholder that is a legal entity represents and warrants to the other Parties that (a) such Party has the full organizational power and authority to execute and deliver this Agreement, (b) the execution and delivery of this Agreement, and consummation of the transactions contemplated hereby have been duly and validly approved by all necessary action on the part of each such Key Stockholder, (c) no other organizational proceedings on the part of such Party are necessary to approve this Agreement or to consummate the transactions contemplated hereby and (d) this Agreement has been duly and validly executed and delivered by such Party and (assuming due authorization, execution and delivery by the other Parties) constitutes a valid and binding obligation of such Party, enforceable against such Party in accordance with its terms (except in all cases as such enforceability may be limited by the Bankruptcy and Equity Exception).
7. Each Key Stockholder that is a trust represents and warrants to the other Parties that (a) the trustees of such Party have full power and authority to execute and deliver this agreement, (b) the execution, delivery by the trustees of this Agreement and the consummation transactions contemplated hereby have been duly and validly authorized by all necessary action on the part of such trustees and (c) this Agreement has been duly executed and delivered by such trustees and (assuming due authorization, execution and delivery by the other Parties hereto) constitutes a valid and binding obligation of such Party, enforceable against such Party in accordance with its terms, (except in all cases as such enforceability may be limited by the Bankruptcy and Equity Exception).
8. Founder represents and warrants to the other Parties that (a) he has the power, authority and capacity to execute and deliver this Agreement, to perform his obligations hereunder and to consummate the transactions contemplated hereby and (b) this Agreement has been duly executed and delivered by Founder and (assuming due authorization, execution and delivery by the other Parties) constitutes a legal, valid and binding obligation of Founder, enforceable against Founder in accordance with its terms (except in all cases as such enforceability may be limited by the Bankruptcy and Equity Exception).
9. This Agreement may not be amended except by an instrument in writing signed on behalf of each of the Parties hereto and duly approved by all necessary action. Any agreement on the part of a Party hereto to any extension or waiver of this Agreement shall be valid only if set forth in a written instrument signed on behalf of such Party, but such extension or waiver or failure to insist on strict compliance with an obligation, covenant, agreement or condition shall not operate as an extension or waiver of, or estoppel with respect to, any subsequent or other failure.
10. All costs and expenses incurred in connection with this Agreement and the termination of the Merger Agreement shall be paid by the Party incurring such expense.
11. The Parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of a provision of this Agreement. When a reference is made in this Agreement to Sections or Annexes, such reference shall be to a Section or an Annex of this Agreement unless otherwise indicated. Whenever the words “include,” “includes” or “including” are used in this Agreement, they
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shall be deemed to be followed by the words “without limitation.” The word “or” shall not be exclusive. Except as the context may otherwise require, words in the singular include the plural and vice versa, and words of one gender include the other gender. References to “applicable” Law or Laws with respect to a particular Person, thing or matter mean only such Law or Laws as to which the Governmental Authority that enacted, promulgated, approved, entered, or authorized such Law or Laws has jurisdiction over such Person, thing or matter as determined under the Laws of the State of New York as required to be applied thereunder by a court sitting in the State of New York; references to any Law or form (including in the definition thereof) shall be deemed to include references to such Law or form as amended, modified, supplemented or replaced to or at the applicable time, and all references to any section of any Law include any successor to such section.
12. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by the Parties (other than by operation of law) without the prior written consent of the other Parties (which may be withheld by such other Party in its sole discretion). Any purported assignment in contravention hereof shall be null and void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and assigns. This Agreement (including the documents and instruments referred to herein) is not intended to confer upon any Person other than the Parties any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein.
13. Sections 14.03 (Notices), 14.05 (Severability) 14.07 (Entire Agreement) , 14.11 (Governing Law), 14.12 (Dispute Resolution; Consent to Jurisdiction), 14.13 (Waiver of Jury Trial), Section 14.14 (Admissibility into Evidence), Section 14.15 (Remedies; Specific Performance) and 14.17 (Counterparts) of the Merger Agreement are hereby incorporated into this Agreement by reference, and shall apply hereto as though set forth herein, mutatis mutandis.
[Signature Pages Follow]
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IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the date first above written.
| PARENT: | ||||
| ALLY FINANCIAL INC. | ||||
| By: | /s/ Jennifer A. LaClair | |||
| Name: | Jennifer A. LaClair | |||
| Title: | Chief Financial Officer | |||
| MERGER SUB I: | ||||
| WILDCAT MERGER SUB I LLC | ||||
| By: | /s/ Jennifer A. LaClair | |||
| Name: | Jennifer A. LaClair | |||
| Title: | Chief Financial Officer | |||
| MERGER SUB II: | ||||
| WILDCAT MERGER SUB II LLC | ||||
| By: | /s/ Jennifer A. LaClair | |||
| Name: | Jennifer A. LaClair | |||
| Title: | Chief Financial Officer | |||
[Signature Page to Mutual Termination Agreement]
| THE COMPANY: | ||||
| CARDHOLDER MANAGEMENT SERVICES, INC. | ||||
| By: | /s/ Donald Berman | |||
| Name: | Donald Berman | |||
| Title: | CEO | |||
| FOUNDER: | ||||
| DONALD M. BERMAN | ||||
| By: | /s/ Donald Berman | |||
| Name: | Donald Berman | |||
| Title: | Founder | |||
| SON’S TRUST: | ||||
| DONALD M. BERMAN CHILDREN’S TRUST F/B/O MATTHEW E. BERMAN, U/A DATED MAY, 1994 | ||||
| By: | /s/ Richard Berman | |||
| Name: | Richard Berman | |||
| Title: | Trustee | |||
| DAUGHTER’S TRUST: | ||||
| DONALD M. BERMAN CHILDREN’S TRUST F/B/O ERICA L. BERMAN, U/A DATED MAY, 1994 | ||||
| By: | /s/ Richard Berman | |||
| Name: | Richard Berman | |||
| Title: | Trustee | |||
[Signature Page to Mutual Termination Agreement]
| PE STOCKHOLDER 1: | ||||
| B2 FIE VIII LLC | ||||
| By: | /s/ Harin de Silva | |||
| Name: | Harin de Silva | |||
| Title: | Authorized Person | |||
| PE STOCKHOLDER 2 | ||||
| PCP CW AGGREGATOR HOLDINGS, L.P. | ||||
| By: PCP CW Aggregator GP, LLC | ||||
| Its: General Partner | ||||
| By: PCP Managers II, L.P. | ||||
| Its: General Partner | ||||
| By: PCP Managers II GP, LLC. | ||||
| Its: General Partner | ||||
| By: | /s/ Jill Aiello | |||
| Name: | Jill Aiello | |||
| Title: | Authorized Signatory | |||
| PE STOCKHOLDER 3 | ||||
| REVERENCE CARD CO-INVEST, L.P. | ||||
| By: RCP Card Co-Invest GP, LLC, its general partner | ||||
| By: Reverence Capital Partners LLC, its sole member | ||||
| By: | /s/ Peter C. Aberg | |||
| Name: | Peter C. Aberg | |||
| Title: | Partner | |||
[Signature Page to Mutual Termination Agreement]
Exhibit 99.1
ALLY FINANCIAL INC. ANNOUNCES MUTUAL AGREEMENT TO TERMINATE PROPOSED MERGER WITH CARDWORKS
CHARLOTTE, June 24, 2020 /PRNewswire/ — Ally Financial Inc. (NYSE: ALLY) and Cardholder Management Services, Inc. (CardWorks) today announced that they have mutually agreed to terminate their merger agreement, which had been announced on February 18, 2020. The board of directors for each company approved the termination after carefully considering the meaningful impacts of COVID-19 on global markets and the economy. Neither party will incur any termination or break-up fees as a result of the mutual decision to terminate the merger agreement.
“Given the unprecedented economic and market conditions resulting from the COVID-19 global pandemic, Don Berman and I, along with our boards of directors, believe it is in the best interests of our customers and stakeholders to terminate the agreement,” said Ally Chief Executive Officer Jeffrey J. Brown. “This was a difficult decision to make following a long process to bring two strong companies together. I want to express my deep appreciation for the considerable efforts and incredible commitment demonstrated by Ally and CardWorks employees.”
Mr. Brown continued, “Ally’s long-term strategic priorities remain intact, rooted in a relentless focus on our customers. Our industry-leading businesses and robust capital and liquidity positions will enable us to continue serving as a source of strength during these uncertain times for all of our customers. We will leverage these strengths as we grow and diversify our company moving forward. Ally is resilient and adaptable, powered by a vibrant, inclusive culture that will continue to to ‘Do It Right’ for our customers, our communities and our shareholders.”
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial-services company with $182.5 billion in assets as of March 31, 2020. 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. 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. 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). Additionally, we offer securities-brokerage and investment-advisory services through Ally Invest. Our robust corporate finance business offers capital for equity sponsors and middle-market companies.
For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.
About CardWorks
Founded in 1987, CardWorks is a consumer finance lender and servicer, and a people-centric, compliance-focused organization enabled by data and technology. 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.
Merrick Bank, founded in 1997 as a wholly owned subsidiary of CardWorks, is an FDIC insured top-20 U.S. issuer of Visa® branded credit cards. Merrick Bank also provides finance options to consumers through marine and recreational vehicle dealers throughout the country. While Merrick
Bank specializes in non-prime consumer lending, it is also a top-15 U.S. credit card merchant acquirer, clearing approximately $32 billion in transaction volume per year for 85,000 merchants and 42 independent sales organizations.
For more information, visit www.cardworks.com and www.merrickbank.com
Contacts:
Daniel Eller
Ally Investor Relations
704-444-5216
Daniel.Eller@ally.com
Rebecca Anderson
Ally Communications (Media)
980-312-8681
Rebecca.Anderson@ally.com