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Ally Financial announces agreement to acquire CardWorks in $2.65 billion transaction

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Christian Fernsby ▼ | February 19, 2020
Ally Financial announced yesterday that it has entered into a definitive agreement to acquire CardWorks in a transaction valued at approximately $2.65 billion.
Ally Financial
Acquisition   Ally Financial
Cardworks is a privately held company with $4.7 billion in assets and $2.9 billion in deposits.

Topics: Ally Financial acquire CardWorks

Under the terms of the agreement, Merrick Bank, a wholly owned subsidiary of CardWorks, Inc., will merge into Ally Bank.

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.

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.

Upon completion of the transaction, Ally will provide over 11 million customers in all 50 states with compelling secured and unsecured banking products.