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 Investor Relations Investor Relations Overviewįixed Income Financial Information Corporate Governance Back to Investor Relations menu Press Room Press Room Highlights Press Releases In June 2020, both companies mutually ended their planned merger, citing "unprecedented economic and market conditions resulting from the COVID-19.General account questions (personal loans only)Ībout Us Our Company Social Impact Careers Investor Relations Press Room Suppliers Back to About Us menu Our Company Overview History Awards & Recognition Headquarters & Offices Back to About Us menu Social Impact Overview Economic Mobility Employee Giving Diversity, Equity, & Inclusion Grants & Sponsorships Back to About Us menu Careers Careers at Ally Interns & Graduates Employee Benefits Back to In February 2020, CardWorks announced that Ally Financial was acquiring it for $2.65 billion. CardWorks has 53 complaints in the last 36 months and 12 complaints over the previous year.ĬardWorks has 24/7/365 US-based customer support and has a very informative resource on its website, including blogs, training videos, and FAQs. CardWorks' top 40 executives have an average tenure at the firm of over 15 years.ĬardWorks has an A+ rating with the BBB but is not accredited by the bureau. As noted prior, nearly a fifth of the staff has been with the company for over a decade. The company has over 1,700 employees and proudly emphasizes its expertise and dedication.
The company has had deep expertise with veterinary clinics and animal hospitals based on its website since its founding in 1987 in Woodbury, NY. CardWorks provides payment processing and POS solutions, along with several value-added e-Commerce services for merchants.