Ally Financial Granted Financial Holding Company Status
DETROIT, Dec. 23, 2013 /PRNewswire/ -- Ally Financial Inc. (Ally) today announced that the Federal Reserve has granted its application for financial holding company status. As a financial holding company, Ally is permitted to engage in a broader range of business activities and can continue to operate its insurance and remarketing businesses as part of its leading dealer financial services operation.
"Crossing this threshold is a great achievement for Ally and a testament to the transformative efforts that the company and its depository institution, Ally Bank, have undergone since 2008," said Chief Executive Officer Michael A. Carpenter. "This has been a seminal year for the company, and we anticipate further momentum over the next year as we aim to exit the TARP program."
Ally became a bank holding company in December 2008 and applied for financial holding company status this month.
About Ally Financial Inc.
Ally Financial Inc. is a leading automotive financial services company powered by a top direct banking franchise. Ally's automotive services business offers a full suite of financing products and services, including new and used vehicle inventory and consumer financing, leasing, inventory insurance, commercial loans and vehicle remarketing services. Ally Bank, the company's direct banking subsidiary and member FDIC, offers an array of deposit products, including certificates of deposit, savings accounts, money market accounts, IRA deposit products and interest checking. Ally's Commercial Finance unit provides financing to middle-market companies across a broad range of industries.
With approximately $150.6 billion in assets as of Sept. 30, 2013, Ally operates as a financial holding company. For more information, visit the Ally media site at http://media.ally.com or follow Ally on Twitter: @Ally.
SOURCE Ally Financial