Ally Financial Files $100 Million IPO

Ally Financial has filed a

The underwriters on the deal are Citigroup, Goldman Sachs, J.P. Morgan, and Morgan Stanley. Here is the Overview of the company's IPO statement: "Ally operates one of the world's largest automotive finance companies. We have over 90 years of experience supporting automotive dealers and their retail customers with a broad array of financial products and services. Our automotive finance franchise operates on a global scale with strategic activities in the United States, Canada and 15 other countries worldwide. We are a bank holding company and also operate one of the largest residential mortgage loan companies in the United States. Our bank subsidiary, Ally Bank, is a leading competitor and well-recognized brand in the growing direct banking market. The bank provides us with a significant source of cost-efficient funding and had $33.9 billion of deposits at December 31, 2010. We had $172 billion of total assets at December 31, 2010 and $7.9 billion of total net revenue during 2010."