The coronavirus also halted a proposed merger between Independent Bank and Texas Capital, and nixed a deal to combine Wisconsin’s Nicolet Bankshares and Commerce Financial Holdings. “Like we have done before during periods of heightened economic risk and uncertainty, we believe it’s warranted to play defense and take an internal-focused approach to our business right now,” Arbor President and CEO Tim Marshall said in a press release. Arbor Bancorp and FNBH Bancorp in Michigan announced Thursday that they, too, were terminating a merger they announced in February. The Ally merger is not even the latest deal to be disrupted by the coronavirus. "This acquisition directly aligns with our strategic priorities to relentlessly focus on providing our customers with a differentiated banking experience, while affording opportunities to scale our product offerings and accelerate the progress of our earnings growth," Brown said in February. 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. Each individual has an impact on how well we execute and on whether we achieve our enterprise objectives.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. The most valuable resource we have at CardWorks is our employees. Our corporate success is based on your contributions. As a CardWorks employee, you are at the very heart of all that we do. CardWorks is also the parent of Merrick Bank Corporation, a top-15 issuer of credit cards, top 15 merchant acquiring bank, and leader in the recreational vehicle lending industry.
Our management expertise and customized servicing solutions enable banks and financial institutions to mitigate risk, increase profitability, and support their customers. As a leading consumer firm, we service our consumer and small business loan clients across the credit spectrum, from super-prime to non-prime, and provide comprehensive support to bank and non-bank lenders in the United States and Canada. CardWorks is one of the largest privately held providers of end-to-end operational servicing and support functions for credit card and installment loan products in North America.
0 kommentar(er)
