Platform in the U.S., and this acquisition serves as an important milestone in Allys evolution to be a full-service financial provider for our customers, said Ally Chief Executive Officer Jeffrey J. ∼ardWorks represents an industry-leading credit card Additionally, CardWorks provides recreational and marine consumer finance products and is a top-15 2 merchant acquirer in the United States. Operation that includes third-party servicing and recovery capabilities. credit card issuer focused on the non-prime segment with a complementary full-spectrum unsecured servicing Upon completion of the transaction, Ally will provide over 11 million customers in all 50 states with compelling secured and unsecured banking products.ĬardWorks is a privately held company headquartered in Woodbury, NY with facilities in Florida, Utah and Pennsylvania. These additional capabilities immediately enhance Allys award-winning direct bank deposit and consumer product platform and complement the companys market-leading autoįinance, insurance, and commercial product lines. Recovery operation and a nationwide merchant acquiring business. The acquisition of CardWorks will further diversify Allys product offerings, adding an established credit card platform, full-spectrum servicing and 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. It has entered into a definitive agreement to acquire CardWorks in a transaction valued at approximately $2.65 billion. Unsecured servicing capability, and merchant servicesĪligns with Allys long-term strategic objective to provide a comprehensive suite of compelling,ĭifferentiated financial services products for our customersĮnhances Allys return profile and immediately improves revenue generating capabilitiesĬHARLOTTE, N.C., Febru/PRNewswire/ Ally Financial Inc. Strong cultural fit across both firms relentless customer-focus and ongoing commitment to stakeholders,Īcquisition provides Ally instant capability and scale opportunity in credit card, including full-spectrum I am humbled by the opportunity to join the Board of this iconic financial technology franchise that excels in consumer lending, payments and servicing and contribute to its continued success on behalf of its employees, clients and customers for many years to come.Ally Financial Announces Agreement to Acquire CardWorksĬardWorks, founded in 1987, is a leading non-prime credit card andĬonsumer finance lender with a full-spectrum unsecured servicing platform and robust merchant services capabilityĮxperienced and cycle-tested team with deep unsecured lending expertise “We value our partnership with Don, Dan Pillemer, and the entire CardWorks team. “Having known Don Berman and the unique franchise he has nurtured at CardWorks for nearly 30 years, I am thrilled to expand our investment in the company,” said Golson. Latest Fintech News: Genesis Digital Assets Selects MSCI to Support ESG Efforts “I am confident that Brian’s perspectives and experience will be valuable as we work together to grow our business as a people-centric, compliance-focused organization enabled by data and technology.” “Furthermore, I am excited to welcome Brian Golson to CardWorks’ Board,” Berman added. Latest Fintech News: Mastercard Advances Commitment to Black Women-Owned Businesses Across the US I am pleased that Parthenon’s confidence in CardWorks has merited an additional investment.” “Having known Don Berman and the unique franchise he has nurtured at CardWorks for nearly 30 years, I am thrilled to expand our investment in the company”ĭon Berman, CardWorks founder, executive chairman and majority shareholder, commented, “Everyone at CardWorks has benefited from having Parthenon Capital involved in our company as shareholders and partners over the last four years. In connection with the transaction, Parthenon’s co-CEO and managing partner, Brian Golson, will join CardWorks’ Board of Directors. Parthenon Capital is pleased to announce that it has made an additional investment in CardWorks, Inc., the parent company of CardWorks Servicing, Merrick Bank and Carson Smithfield.
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