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Treasury sells $3 billion in Ally Financial stock

Published January 16, 2014 9:25 am
This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Washington • The Treasury Department says it plans to sell 410,000 shares of Ally Financial for $3 billion as part of its ongoing effort to recoup the costs of the $700 billion financial bailout.

The shares will be offered in a private offering at $7,375 each.

After the completion of the stock sale, the department says the U.S. government will have recovered about $15.3 billion, or 89 percent of the $17.2 billion it provided to Ally during the financial crisis. The government will still hold about 37 percent of the bank holding company's stock.



Ally Financial received a total of $17.2 billion in government support during the financial crisis. The bank holding company, based in Detroit, makes loans to GM customers and finances dealer inventories.

Ally Bank, headquartered in Midvale, is a subsidiary of Ally Financial.

 

 

 

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