Subsequent Events

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

TradeKing Group, Inc. Acquisition

On April 5, 2016, we announced that we signed an agreement to acquire TradeKing Group, Inc., an online brokerage and digital wealth management company, for approximately $275 million. The purchase price includes approximately $250 million in premium to the acquired net assets and is subject to certain purchase price adjustments. The transaction is expected to close in the second or third quarter of 2016 and includes an online broker/dealer, a digital portfolio management platform, and educational content and social collaboration channels. The transaction is subject to regulatory approval and satisfaction of other customary closing conditions.

Declaration of Quarterly Dividend Payment

On April 11, 2016, the Ally Board of Directors declared a quarterly dividend payment on certain outstanding preferred stock. This included a cash dividend of $0.53 per share, or a total of $15 million, on Fixed Rate/Floating Rate Perpetual Preferred Stock, Series A. The dividend is payable to shareholders of record as of May 1, 2016, and is payable on May 16, 2016.

Series A Preferred Stock Redemption

On April 14, 2016, we issued a Notice of Redemption to the holders of the outstanding Series A Preferred Stock to redeem the remaining 27,870,560 shares at a redemption price of $25 per share. We plan to redeem the outstanding shares on May 16, 2016, subsequent to the quarterly dividend payment.

Departure and Appointment of Certain Officers

On April 28, 2016, we announced the appointment of Scott Stengel as General Counsel of Ally. Mr. Stengel will assume the General Counsel role effective as of May 31, 2016. Our current General Counsel, William B. Solomon, Jr., will step down from this role as of May 31, 2016, but will remain with Ally until September 30, 2016, to transition his duties to Mr. Stengel.