Merrick Bank acquires Ally’s credit card portfolio and platform
South Jordan-based Merrick Bank, a wholly owned subsidiary of CardWorks Inc., has acquired the credit card portfolio and platform of Ally Financial, a Detroit-based banking institution. The credit card business moving to Merrick Bank includes $2.2 billion in credit card receivables, the bank’s credit card division team and 1.3 million active cardholders.
CardWorks is a credit and payments industry company based in Woodbury, New York.
“This acquisition is a perfect example of what CardWorks does best: finding the right opportunities and executing with precision,” said Don Berman, founder and executive chairman of CardWorks. “We’ve worked with the Ally Card team for years as their servicing partner and bringing them under our roof just makes sense. It’s a win-win that expands our reach in the near-prime market and adds tremendous value for our stakeholders. I’m proud of our team for making this happen and excited about where we’re headed next.”
‘We are thrilled to welcome Ally’s credit card customers and team members to the CardWorks family,” said CardWorks CEO Dan Pillemer. “This acquisition reflects our continued commitment to strategic expansion in the near-prime credit space and adds tremendous people and capabilities to our team.”
Founded in 1997, Merrick Bank services non-prime and near-prime consumers and is an FDIC-insured member of Utah’s industrial bank community. It serves millions of customers and 120,000 businesses nationwide through its credit card and recreational lending programs.