12/26/2023 0 Comments Cardworks merrick bank![]() Merrick Bank is a top-15 issuer of credit cards, top 15 merchant acquiring bank, and leader in the recreational vehicle lending industry. is also the parent of Merrick Bank Corporation in South Jordan, Utah. To learn more about CardWorks Servicing, LLC, please visit CardWorks Servicing, LLC, is a wholly owned subsidiary of CardWorks, Inc. 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. Dataline will, in turn, be able to grow its core business with existing clients, CWS clients and new clients, generating new opportunities.Ībout CardWorks Servicing, LLC and CardWorks, Inc.ĬardWorks Servicing, LLC 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. Our team could not be more excited about becoming part of the CardWorks family, where we see energy, excitement, enthusiasm, and a team that is committed to doing the right thing.”ĬWS will provide Dataline a greater breadth of resources, capabilities, and operational support to take their platform to an even higher level of client service. As such, the acquisition will further strengthen our end-to-end credit card and installment loan portfolio management and servicing offerings for banks, credit unions, non-bank lenders, and asset managers.”Ĭollin York, the founder of Dataline, continued, “For nearly 37 years, Dataline has partnered with financial services companies to design, develop, and implement customized business process outsourcing and financial services operations support solutions that are enabled by optimized data management. I’m thrilled to welcome CardWorks to the Ally team and look forward to adding value for all of our stakeholders.Matt Berman, Head of the Servicing Business at CardWorks, added, “Dataline has unique capabilities in payment disbursement services, data reporting and analytics, and business process automation, each of which are additive to our existing CWS capabilities. ![]() Both companies share a deep-rooted history of disciplined risk management and an obsession over the customer. Beyond the compelling strategic rationale and financial enhancements this transaction brings, CardWorks is an ideal cultural fit for Ally. “I have tremendous admiration for the three decades of leadership Don Berman has provided as founder and CEO and remain impressed with what the entire team has accomplished in building a resilient, growing business with a commitment to the customer. “CardWorks represents an industry-leading credit card platform in the U.S., and this acquisition serves as an important milestone in Ally’s evolution to be a full-service financial provider for our customers,” said Ally CEO Jeffrey J. Additionally, CardWorks provides recreational and marine consumer finance products and is a top-15 merchant acquirer in the U.S. credit card issuer focused on the non-prime segment with a complementary full-spectrum unsecured servicing operation that includes third-party servicing and recovery capabilities. Upon completion of the transaction, Ally will provide more than 11 million customers in all 50 states with compelling secured and unsecured banking products.ĬardWorks is a privately held company headquartered in Woodbury, N.Y., with facilities in Florida, Utah, and Pennsylvania.ĬardWorks is a top-20 U.S. These additional capabilities immediately enhance Ally’s direct bank deposit and consumer product platform and complement the company’s market-leading auto finance, insurance, and commercial product lines. ![]() ![]() The acquisition of CardWorks will further diversify Ally’s product offerings, adding an established credit card platform, full-spectrum servicing and recovery operation and a nationwide merchant acquiring business. Under the terms of the agreement, Merrick Bank, a wholly owned subsidiary of CardWorks, will merge into Ally Bank. Cardworks is a privately held company with $4.7 billion in assets and $2.9 billion in deposits. Ally Financial has entered into a definitive agreement to acquire CardWorks in a transaction valued at about $2.65 billion. ![]()
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