![]() When the CardWorks deal was announced, Brown called it "an important milestone in Ally's evolution to be a full-service financial provider." The deal had been expected to close in the third quarter. It is the parent company of Merrick Bank and has $2.9 billion in deposits. And we'll seek to grow it from there," Brown said in July.ĬardWorks, a Woodbury, New York-based subprime credit card lender, fits the unsecured servicing mold as well, though it also offers recreational and marine consumer finance loans. "We've been interested in the unsecured space, and this was an ability to acquire a really nice platform at a relatively inexpensive price. It bought Health Credit Services, a Charlotte, North Carolina-based company that offers unsecured loans to finance medical procedures, for $190 million. ![]() Ally focused instead of point-of-sale loans. The bank ended its three-year partnership with TD Bank last July, saying the tie-up wasn't meeting expectations. The merger, announced in February, came at a time of transition for the $183 billion-asset Ally. "Ally's long-term strategic priorities remain intact, rooted in a relentless focus on our customers." ![]() "This was a difficult decision to make following a long process to bring two strong companies together," Ally CEO Jeffrey Brown said in a press release Wednesday. Wednesday's announcement ends what had been the second-largest bank acquisition announced this year, behind South State Bank and CenterState Bank's " merger of equals" proposed in January. ![]()
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