Dial In: 844-530-6677
Participant Code: 2455427
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CHARLOTTE, February 18, 2020 /PRNewswire/ -- Ally Financial Inc. (NYSE: ALLY) announced today that it has entered into a definitive agreement to acquire CardWorks in a transaction valued at approximately $2.65 billion. Cardworks is a privately held company with $4.7 billion in assets and $2.9 billion in deposits. Under the terms of the agreement, Merrick Bank, a wholly owned subsidiary of CardWorks, Inc., will merge into Ally Bank.
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. 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. Upon completion of the transaction, Ally will provide over 11 million customers in all 50 states with compelling secured and unsecured banking products.
Investor Call
Ally and CardWorks will hold a joint conference call to discuss the transaction on Wednesday, February 19, 2020 at 8:00 a.m. ET. The call will include a discussion of the transaction followed by a question and answer session with management from Ally and CardWorks.
Conference Call Information: Dial 844-530-6677 (or +1-508-637-5641 for international access) at least 10 minutes prior to the start time and enter the conference ID code 2455427.
The conference call will also be webcast live on Ally’s Investor Relations website in the Events & Presentations section (http://www.ally.com/about/investor/events-presentations/index.html).
The presentation will be posted in the Events & Presentations section of Ally’s Investor Relations website on February 19, 2020, at approximately 7:00 a.m. ET.
Archive: A taped replay of this call will be made available from 11:00 a.m. ET on February 19, 2020, until February 26, 2020. Please dial 855-859-2056 (or +1-404-537-3406 for international access) and enter the conference ID code 2455427 to access the taped replay. A replay of the webcast will also be made available on the Ally Investor Relations website.
Note: CardWorks, Inc. Assets and Deposits from CardWorks, Inc. Consolidated Statements of Financial Condition (Unaudited Financials) as of 12-31-2019.
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
To view the full release online and get more information about Ally Financial Media Center visit: https://media.ally.com/2020-02-18-Ally-Financial-Announces-Agreement-to-Acquire-CardWorks