CHARLOTTE, North Carolina, June 24, 2020 / PRNewswire / – Ally Financial Inc. (NYSE: ALLY) and Cardholder Management Services, Inc. (CardWorks) today announced their mutual agreement to terminate their merger agreement, which was announced on February 18, 2020. Each company’s board of directors approved the termination after carefully considering the significant impacts of COVID-19 on global markets and the economy. Neither party will incur any termination or severance costs as a result of the mutual decision to terminate the merger agreement.
“Given the unprecedented economic and market conditions resulting from the global COVID-19 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 the CEO of Ally. Jeffrey J. Brown. “It was a difficult decision to make following a long process of bringing together two strong companies. I would like to express my deep gratitude for the tremendous effort and incredible commitment shown by the employees of Ally and CardWorks. ”
Mr. Brown continued, “Ally’s long-term strategic priorities remain intact, rooted in a constant focus on our customers. Our leading edge business and strong capital and liquidity positions will allow us to continue to serve as a source of strength in these uncertain times. for all our customers. We will build on these strengths as we grow and diversify our business. Ally is resilient and adaptable, fueled by a vibrant and inclusive culture that will continue to “do it right” for our customers, communities and shareholders. “
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company with $ 182.5 billion assets from March 31, 2020. As a customer-centric company with passionate customer service and innovative financial solutions, we relentlessly focus on “Getting it Right” and being a trusted financial services provider to our consumer, business and corporate clients. We are one of the nation’s largest full-service auto finance operations, providing a wide range of financial services and insurance products to auto dealers and consumers. Our award-winning online banking (Allied bank, FDIC Member and Equal Housing Lender) offers mortgages, personal loans and a variety of deposits and other banking products, including savings accounts, money market and checks, certificates of deposit (CDs) and individual retirement accounts (IRA). In addition, we offer securities brokerage and investment advisory services through Ally Invest. Our strong corporate finance business provides capital to equity promoters and mid-market companies.
For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.
Founded in 1987, CardWorks is a consumer credit lender and service, and a people-centric, compliance-driven organization through data and technology. CardWorks is a leading provider of national brand MasterCard / Visa cards, private label cards, secure 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 one of the top 20 FDIC-insured US issuers of Visa® branded credit cards. Merrick Bank also offers financing options to consumers through marine and recreational vehicle dealers across the country. While Merrick Bank specializes in unsecured consumer loans, it is also one of the top 15 U.S. merchant credit card acquirers, clearing approximately $ 32 billion in transaction volume per year for 85,000 merchants and 42 independent sales organizations.
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SOURCE Ally Financial