"Ally is complementary to all of our existing consumer finance business lines, including our credit card and recreational lending businesses, as well as our merchant acquiring, third-party loan servicing, and recovery businesses. "The combination of CardWorks and Ally presents a tremendous opportunity for innovation, while we maintain a strong focus on our mission – which is to delight our clients and customers" said CardWorks Founder, Chairman and Chief Executive Officer Don Berman. Under the terms of the agreement, Merrick Bank, a wholly owned subsidiary of CardWorks, Inc., will merge into Ally Bank. merchant acquirer, the roadmap includes expanding Ally's product offerings in the non-prime segment, as well as enhancing their direct bank deposit and consumer product platform, and third-party servicing and recovery capabilities. As a leading non-prime credit card and consumer finance provider with servicing capabilities across the credit spectrum, a top-20 U.S. This combination will provide customers with a comprehensive suite of compelling secured and unsecured banking products.ĬardWorks is a privately held company headquartered in Woodbury, NY with facilities in Florida, Pennsylvania and Utah. The closing will bring together two customer-obsessed companies that are focused on "Doing it Right", with a shared common vision and aligned cultural values. (NYSE: ALLY) in a transaction valued in excess of $2.65 billion, subject to final closing equity and other adjustments. ("CardWorks"), a leading non-prime credit card and consumer finance lender with a full-spectrum unsecured servicing platform and robust merchant services capabilities, announced today that it has signed a definitive agreement to be acquired by Ally Financial Inc. 18, 2020 /PRNewswire/ - Cardholder Management Services, Inc.
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