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 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 Please don’t hesitate to call us if we can be of assistance. Interested in our loan servicing software? Shaw invites you to experience the knowledge, service, and expertise that others have known since 1967 at Shaw Systems. Merrick Bank also provides finance options to Marine and RV Dealers throughout the country, helping to facilitate Boat and RV purchases for consumers. In addition, Merrick Bank is an authorized issuer of MasterCard® cards. Our management expertise extends across the credit spectrum, and our customized servicing solutions enable banks and financial institutions to mitigate risk, increase profitability, and support their customers.įounded in 1997 Merrick Bank is FDIC insured and is a top-20 issuer of Visa® cards.
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Call Shaw Systems at 713.782.7730 or visit us at to learn more about our loan servicing software solutions.ĬardWorks Servicing provides comprehensive service and support to bankcard issuers in the United States and Canada.
Shaw’s software accommodates every phase of an account’s life cycle and automates processes to help companies navigate the dynamic credit landscape. Shaw’s customer focused software supports a wide range of consumer lending products including loans, line of credit, home equity, dealer/indirect, floor plan, commitments, escrow, securitization, and insurance. This includes increased account life-cycle servicing automation and leveraging Shaw’s capabilities around real-time data analytics and workflow. CardWorks is one of the largest 3rd party credit card servicers in North America and Merrick Bank provides Recreation lending (Marine & RV).Ĭardworks/Merrick Bank are looking to expand their loan servicing capabilities through their new partnership with Shaw. announced that Cardworks/Merrick Bank have chosen the SPECTRUM servicing software solution, including collections and recovery, within our hosted CLOUD SERVICES offering.
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