![]() In April 2009 the bank announced plans to move its Charlotte office from Ballantyne to 106,525 square feet (9,896.5 m 2) on four floors of 440 South Church, with possible expansion later. The Treasury sold its last stake in the company in 2014, recovering $19.6 billion from its $17.2 billion investment. Īs a result of losses in GMAC ResCap, the United States Department of the Treasury invested $17.2 billion in the company in 2008–2009. In January 2009, the company closed Nuvell Financial Services, its subprime lending division. On December 24, 2008, the Federal Reserve accepted the company's application to become a bank holding company. In 2009, Capmark filed for bankruptcy and its North American loan origination and servicing business was acquired by Berkadia, a joint venture of Leucadia National and Berkshire Hathaway. GMAC Real Estate was sold to Brookfield Asset Management. Also that year, GMAC sold a controlling interest of GMAC Commercial Holdings (its real estate division renamed Capmark) to Goldman Sachs, Kohlberg Kravis Roberts, and Five Mile Capital Partners. In 2006, General Motors sold a 51% interest in GMAC to Cerberus Capital Management, a private equity firm. In 2005, the company formed GMAC ResCap as a holding company for its mortgage operations. In 2000, the company formed GMAC Bank, a direct bank. In 1998, the company formed GMAC Real Estate. In 1991, the company was forced to write-off $275 million in bad debt as part of a $436 million loss suffered from fraud committed by John McNamara, who ran a Ponzi scheme. In 1985, while GM was under the leadership of Roger Smith, who sought to diversify the company, GMAC formed GMAC Mortgage and acquired Colonial Mortgage as well as the servicing arm of Norwest Mortgage, which included an $11 billion mortgage portfolio. In 1939, the company founded Motors Insurance Corporation and entered the vehicle insurance market. ![]() The company was founded in 1919 by General Motors (GM) as the General Motors Acceptance Corporation ( GMAC) to provide financing to automotive customers. The company was known as GMAC, an acronym for General Motors Acceptance Corporation, until 2010. The company has sold more than 5 million vehicles, including 336,000 vehicles sold in 2022 via its SmartAuction online marketplace for auto auctions, launched in 2000. It is on the list of largest banks in the United States by assets and has 2.0 million depositors. The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage loans, and other related financing services such as installment sale and lease agreements.Īlly is one of the largest car finance companies in the U.S., providing car financing and leasing for 4.5 million customers and originating 1.4 million car loans annually. The credit union has more than 16,000 members.Ally Financial is a bank holding company organized in Delaware and headquartered at Ally Detroit Center in Detroit, Michigan. It changed its name to Halliburton Employees’ FCU in 1969. The credit union was originally chartered in 1960 as Duncan Industrial Services CU to serve employees of Halliburton and other oilfield employees in the Duncan, Okla. As Endurance Federal Credit Union, we will create more opportunities for people to join, regardless of their background or profession and we want our members and the communities we serve to know that Endurance Federal Credit Union is their credit union.” “We will maintain our relationships with Halliburton, their employees and family members, as well as, our other select employee groups. “This is far from the truth and we have high hopes that with the name change people will realize that we are trying to have a more inclusive member base within our communities,” stated President/CEO Chris Bower. The research found the Halliburton Employees’ FCU name led many to believe they had to be employed with Halliburton in order to join. The $150-million CU said it is Endurance Federal Credit Union.Įndurance FCU said it conducted extensive research with its members and non-members to determine how the name was perceived in the community, as well as how a new name would help future growth prior to making the change. DUNCAN, Okla.–Halliburton Employees’ Federal Credit Union has officially announced a new name.
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