![]() I’m thrilled to welcome CardWorks to the Ally team and look forward to adding value for all of our stakeholders.” – Ally Chief Executive Officer Jeffrey J. Both companies share a deep-rooted history of disciplined risk management and an obsession over the customer. Bachelor of Arts (B.A.) ( American Studies. ![]() ![]() Preparing Dons profile View Dons Email & Phone (Its Free) 5 free lookups per month. Beyond the compelling strategic rationale and financial enhancements this transaction brings, CardWorks is an ideal cultural fit for Ally. Don Bermans Email & Phone Number Chairman, Chief Executive Officer and Founder CardWorks. 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. In connection with the transaction, Parthenon’s co-CEO and managing partner, Brian Golson, will join CardWorks’ Board of Directors. “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. AUSTIN, Texas, February 15, 2022-Parthenon Capital is pleased to announce that it has made an additional investment in CardWorks, Inc., the parent company of CardWorks Servicing, Merrick Bank and Carson Smithfield. Upon completion of the transaction, Ally will provide over 11 million customers in all 50 states with compelling secured and unsecured banking products. 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 deal 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. Donald Berman is an Executive Chairman & Founder at CardWorks based in Woodbury, New York. It is headquartered in Woodbury, NY with facilities in Florida, Utah and Pennsylvania. Under the terms of the agreement, Merrick Bank, a wholly-owned subsidiary of CardWorks, Inc., will merge into Ally Bank. Is a non-prime credit card and consumer finance lender with a full-spectrum unsecured servicing platform and robust merchant services capability. Merrick Bank is also a top-15 credit card merchant acquirer, clearing over $40 billion in transaction volume per year for more than 80,000 merchants and 40 independent sales organizations.CardWorks Ally Financial to acquire CardWorks in $2.65 billion dealĪnnounced it will acquire CardWorks for ~ $2.65 billion. Merrick Bank also provides installment finance options to consumers through marine and recreational vehicle dealers throughout the country, as well as personal installment loans through digital channels. Founded in 1997 as a wholly owned subsidiary of CardWorks, Merrick Bank is an FDIC insured top-15 Mastercard/Visa issuer of credit cards. ![]() CardWorks provides lending and merchant acquiring services through Merrick Bank. Carson Smithfield, LLC provides post-charge-off debt recovery services. Servicing more than 6 million accounts, CardWorks Servicing, LLC is the premier independent servicer of nationally-branded Visa®/Mastercard® cards, secured cards, and unsecured installment loans. CardWorks provides servicing operations and portfolio management to bank and non-bank consumer and small business lenders through CardWorks Servicing, LLC and Carson Smithfield, LLC. Parthenon was advised on the transaction by Kirkland & Ellis LLP and CardWorks was advised by Wachtell, Lipton, Rosen & Katz.įounded in 1987, CardWorks is a diversified consumer finance and payments company, operating three principal lines of business: Servicing, Lending, and Merchant Acquiring. The company CARDWORKS SERVICING, LLC is managed by 3 persons in total. The terms of the transaction are confidential. I am humbled by the opportunity to join the Board of this iconic financial technology franchise that excels in consumer lending, payments and servicing and contribute to its continued success on behalf of its employees, clients and customers for many years to come." The company annual reports filed on Annual reports. "We value our partnership with Don, Dan Pillemer, and the entire CardWorks team. The companys management are Chairman - Berman Donald M, Vice President, Chairman - Perro Robert A, Director - Baldauf Harold. "Having known Don Berman and the unique franchise he has nurtured at CardWorks for nearly 30 years, I am thrilled to expand our investment in the company," said Golson.
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