Ally Financial Declares Dividends on Preferred Stock

News provided by

Oct 19, 2010, 09:00 ET

DETROIT, Oct. 19 /PRNewswire/ -- The Ally Financial Inc. (Ally) Board of Directors has declared quarterly dividend payments for certain outstanding preferred stock. The dividends were declared on Oct. 1, 2010, and are payable on Nov. 15, 2010.

A quarterly dividend payment was declared on Ally's Fixed Rate Cumulative Mandatorily Convertible Preferred Stock, Series F-2, of approximately $257 million, or $1.125 per share. This preferred stock was issued to the U.S. Department of the Treasury on Dec. 30, 2009.

A quarterly dividend payment was also declared on Ally's Fixed Rate Cumulative Perpetual Preferred Stock, Series G. The dividend totals approximately $45 million, or $17.31 per share, and is payable to shareholders of record as of Nov. 1, 2010. This series of preferred stock was issued to investors in connection with the company's private exchange and cash tender offers, which were completed in December 2008.

About Ally Financial Inc.

Ally Financial Inc. (formerly GMAC Inc.) is one of the world's largest automotive financial services companies. The company offers a full suite of automotive financing products and services in key markets around the world. Ally's other business units include mortgage operations and commercial finance, and the company's subsidiary, Ally Bank, offers online retail banking products. With more than $176 billion in assets as of June 30, 2010, Ally operates as a bank holding company. For more information, visit the Ally media site at http://media.ally.com.