DETROIT, Aug. 22, 2017 /PRNewswire/ -- Ally Financial Inc.
(NYSE: ALLY) today announced that the Federal Reserve has released
Ally Bank from the capital, liquidity, and business plan
commitments that had been made in connection with its application
for membership in the Federal Reserve System, including the
commitment to maintain a Tier 1 leverage ratio of at least 15%.
Ally Bank may now manage its capital and liquidity subject to
applicable regulatory requirements and, as a result, is expected to
distribute a dividend of approximately $2.9
billion to Ally Financial Inc. during the third quarter of
2017.
"The release of these application commitments is a significant
milestone for the company," said Ally Chief Executive Officer
Jeffrey J. Brown. "This development
completes the process of normalizing our regulatory framework,
allowing us to optimize our capital and funding structure on a
level playing field with other banks, and is a critical step in
ensuring we remain on track for delivering on our financial and
strategic objectives."
About Ally Financial Inc.
Ally Financial Inc. (NYSE:
ALLY) is a leading digital financial services company and a top 25
U.S. financial holding company offering financial products for
consumers, businesses, automotive dealers and corporate clients.
Ally's legacy dates back to 1919, and the company was redesigned in
2009 with a distinctive brand, innovative approach and relentless
focus on its customers. Ally has an award-winning online bank (Ally
Bank Member FDIC and Equal Housing Lender), one of the largest full
service auto finance operations in the country, a complementary
auto-focused insurance business, a growing digital wealth
management and online brokerage platform, and a trusted corporate
finance business offering capital for equity sponsors and
middle-market companies.
The company had approximately $164.3
billion in assets as of June 30,
2017. For more information, visit the Ally press room at
http://media.ally.com or follow Ally on Twitter:
@AllyFinancial.
Forward-Looking Statements
This press release and any
related communications should be read in conjunction with the
financial statements, notes, and other information contained in our
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and
Current Reports on Form 8-K. This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements can be
identified by the fact that they do not relate strictly to
historical or current facts—such as our statements about targets
and expectations for various financial and operating metrics.
Forward-looking statements often use words such as "believe,"
"expect," "anticipate," "intend," "pursue," "seek," "continue,"
"estimate," "project," "outlook," "forecast," "potential,"
"target," "objective," "trend," "plan," "goal," "initiative,"
"priorities," or other words of comparable meaning or future-tense
or conditional verbs such as "may," "will," "should," "would," or
"could." Forward-looking statements convey our expectations,
intentions, or forecasts about future events, circumstances, or
results. All forward-looking statements, by their nature, are
subject to assumptions, risks, and uncertainties, which may change
over time and many of which are beyond our control. You should not
rely on any forward-looking statement as a prediction or guarantee
about the future. Actual future objectives, strategies, plans,
prospects, performance, conditions, or results may differ
materially from those set forth in any forward-looking statement.
Some of the factors that may cause actual results or other future
events or circumstances to differ from those in forward-looking
statements are described in our Annual Report on Form 10-K for the
year ended December 31, 2016, our
subsequent Quarterly Reports on Form 10-Q or Current Reports on
Form 8-K, or other applicable documents that are filed or furnished
with the U.S. Securities and Exchange Commission (collectively, our
"SEC filings"). Any forward-looking statement made by us or on our
behalf speaks only as of the date that it was made. We do not
undertake to update any forward-looking statement to reflect the
impact of events, circumstances, or results that arise after the
date that the statement was made, except as required by applicable
securities laws. You, however, should consult further disclosures
(including disclosures of a forward-looking nature) that we may
make in any subsequent SEC filings.
Contact:
Michael
Brown
Ally Investor Relations
704-444-5225
michael.t.brown@ally.com
Sari Jensen
Ally Communications (Media)
646-781-2539
sari.jensen@ally.com
View original
content:http://www.prnewswire.com/news-releases/ally-announces-normalization-of-regulatory-capital-requirements-at-ally-bank-300508022.html
SOURCE Ally Financial