Ally Financial Statement on CCAR Submission
Nov 15, 2013
DETROIT, Nov. 15, 2013 -- Ally Financial Inc. (Ally) was notified today that the Board of Governors of the Federal Reserve did not object to the company's revised Comprehensive Capital Analysis and Review (CCAR) plan, which was resubmitted in September. Acceptance of the CCAR plan satisfies a key closing condition related to the previously announced private placement of Ally common stock, as well as the repurchase of all the Mandatorily Convertible Preferred securities held by the U.S. Treasury and payment for the elimination of the share adjustment provision.
Ally expects to receive a total of approximately $1.3 billion in connection with the private placement of its common stock. The private placement transaction was increased on Nov. 15, 2013 by 50,000 shares for a purchase price of $300 million.
The private placement transaction and the transactions related to the U.S. Treasury repurchase and payment of $5.9 billion are expected to be completed in the coming days. Upon completion of these actions, Ally will have paid the U.S. Treasury $12.3 billion.