Market Overview

Ally Financial To Acquire CardWorks For $2.65B

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Ally Financial, Inc. (NYSE: ALLY) shares are trading lower on Wednesday after the company announced it will acquire Cardworks for $2.65 billion

CardWorks is a privately held company headquartered in Woodbury, NY with facilities in Florida, Utah and Pennsylvania. Cardworks has $4.7 billion in assets and $2.9 billion in deposits. Merrick Bank, a wholly owned subsidiary of CardWorks, Inc., will merge into Ally Bank.

The acquisition is expected to close in the third quarter of 2020.

Ally Financial shares were trading down 10% at $28.70. The stock has a 52-week high of $35.42 and a 52-week low of $25.80.

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