CardWorks, a consumer finance lender and servicing organization specializing in the near-prime consumer sector, has entered into a definitive agreement to purchase the $2.29-billion credit card portfolio of Ally Financial. When the transaction closes, the buyer of record will be Merrick Bank, a subsidiary of CardWorks. Merrick Bank ranked 18th largest among Mastercard and Visa credit card issuers in the US at midyear 2024 with outstanding receivables of $3.79 billion. Ally Financial was 24th largest with $2.04 billion. When combined, the portfolio would rank 17th largest and have 4.3 millio...