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29-432: Ally Financial began plans for the building in 2013. Initially the building was called Tryon Place. Prior to Ally's announced occupancy of the building Duke Energy was rumored to be the anchor tenant. However, the company choose to build Duke Energy Plaza as their new headquarters. Ally was planning to occupy only 400,000 square feet (37,000 m). In March 2014 Crescent Communities released more specifics plans for

58-685: A direct bank , corporate lending, vehicle insurance , mortgage loans , and other related financing services such as installment sale and lease agreements. Ally is one of the largest car finance companies in the U.S. It provides car financing and leasing for 4.1 million customers and originated 1.2 million car loans in 2023. It is on the list of largest banks in the United States by assets and has 2.0 million depositors. The company has sold more than 5 million vehicles, including 505,000 vehicles sold in 2023 via its SmartAuction online marketplace for auto auctions , launched in 2000. The company

87-494: A direct bank . In 2005, the company formed GMAC ResCap as a holding company for its mortgage operations. In 2006, General Motors sold a 51% interest in GMAC to Cerberus Capital Management , a private equity firm . 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. GMAC Real Estate

116-619: A public company via an initial public offering . In 2015, it moved its headquarters to One Detroit Center, which was subsequently renamed Ally Detroit Center . In June 2016, the company acquired TradeKing, a stockbrokerage , for $ 275 million, which was re-branded as Ally Invest. In May 2016, Ally Bank re-entered the mortgage business with the launch of its direct-to-consumer offering called Ally Home. In April 2019, Ally Home partnered with Better.com for mortgage loan selling, processing, mortgage underwriting , and closing services. In October 2019, Ally acquired Health Credit Services (HCS),

145-542: A 2,756 square feet (256.0 m) space in the building In January 2018 White Lodging, based in Merrillville, Ind. was announced as developing a 350 hotel on the 3.6-acre lot next to the office tower. Unfortunately, the hotel portion of the lot is not large enough for a convention center hotel, which is usually 800 to 1,000 rooms and could partially subsidized with taxpayer money. The Westin Charlotte with 700 rooms

174-573: A bank". All bank holding companies in the US are required to register with the Board of Governors of the Federal Reserve System . The Federal Reserve Board of Governors , under Regulation Y ( 12 CFR 225 ) has responsibility for regulating and supervising bank holding company activities, such as establishing capital standards , approving mergers and acquisitions and inspecting

203-578: A brokerage company, which had 105 employees based in Ballantyne at 11605 N. Community House Road. The CEO of Ally, Jeffrey Brown, has said this about Ally's presence in Charlotte "I think we will continue to see Charlotte increase in importance of the company's overall head count. It's a highly competitive market for talent, but it's a great market for talent. ... You have strong financial and accounting skills. You also have great technology skills as well." The company in 2020 alone hired 550 people in

232-674: A result of losses in GMAC ResCap , a subsidiary of the company, the United States Department of the Treasury invested $ 17.2 billion in the company in 2008–2009. The Treasury sold its last stake in the company in 2014, recovering $ 19.6 billion from its $ 17.2 billion investment. In April 2009 the bank announced plans to move its Charlotte office from Ballantyne to 106,525 square feet (9,896.5 m ) on four floors of 440 South Church , with possible expansion later. At

261-474: A tax free basis, borrow money, acquire other banks and non-bank entities more easily, and issue stock with greater regulatory ease. It also has a greater legal authority to conduct share repurchases of its own stock. The downside includes responding to additional regulatory authorities, especially if there are more than 2,000 shareholders (note: prior to the Jobs Act or Jumpstart Our Business Startups Act ,

290-622: A technology-focused patient financing company based in Charlotte, North Carolina . It was sold to Synchrony Financial in March 2024. On May 3, 2021, Ally began occupying 725,000 square feet at Ally Charlotte Center . In December 2021, Ally acquired Fair Square Financial, a credit card company, for $ 750 million and rebranded it as Ally Credit Card. In 2022, the Disability Equality Index (DEI) listed Ally as one of

319-537: Is Charlotte's largest hotel, built in 2003, and it received $ 16 million in taxpayer funding. After a two-year national search Crescent selected White Lodging because of their ideas about building at the street and its food and beverage program. White Lodging and Crescent Communities have developed the 22 story, 320,000 square feet (30,000 m) hotel together. It topped out in June 2020. The hotel opened in August 2021. It

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348-521: Is a company that controls one or more banks , but does not necessarily engage in banking itself. The compound bancorp ( banc / bank + corp[oration] ) or bancorporation is often used to refer to these companies as well. In the United States, a bank holding company , as provided by the Bank Holding Company Act of 1956 ( 12 U.S.C.   § 1841 et seq. ), is broadly defined as "any company that has control over

377-404: Is the 7th largest hotel in Charlotte by number of rooms with 381 rooms. JW Marriott is a luxury brand of Marriott International. It features modern guest rooms, spas, sizable co-working spaces, and bars with outdoor seating. The hotel features 3 restaurants: Dean's Italian Steakhouse, Caroline's Oyster Bar, and Aura Rooftop Bar. In May 2021, it was announced that 300 people would be hired to staff

406-739: The Best Places to Work for Disability Inclusion . In 2022, Ally committed to reach equal spending in paid advertising across women's and men's sports programming over the next five years. Sponsorships include: In December 2013, the Consumer Financial Protection Bureau (CFPB) and United States Department of Justice ordered the company to pay $ 80 million in consumer monetary damages and $ 18 million in civil penalties after determining that 235,000 minority borrowers paid higher interest rates for auto loans originated between April 2011 and December 2013 because of

435-488: The Charlotte area. In July 2021, Crescent sold the building to STS Properties LLC, an entity affiliated with Ally Financial Inc, for $ 390 million. This transaction is one of the largest building sales in Charlotte history. The largest transaction in Charlotte history was when Duke Energy sold Duke Energy Plaza to CGA Capital and Childress Klein for $ 675 million in December 2019. In September 2022 Crescent Communities,

464-422: The building's developer, moved into their new headquarters in the building occupying 30,000 square feet (2,800 m) on the eighth floor. The space was designed to highlight the company's history and story. Many of the materials used in the space's construction highlight past development projects. The space is also designed to facilitate collaboration with several spots such as team rooms or workspaces, throughout

493-453: The building. Initially it was planned to be a 27-story office building with 500,000 square feet (46,000 m) to 1,000,000 square feet (93,000 m) of space on a 3-acre lot. The building is located on the former proposed site of Trump Charlotte. The proposed Trump building would have been a mixed-use containing condos, high end shops, office space, and a five star hotel. The building was planned to be 72 stories would have been taller than

522-540: The city's current tallest building, Bank of America Corporate Center . The site of the JW Marriott was once home to the Query-Spivey-McGee Building. It was constructed in 1902 to function as a feed, seed, and gardening store into the 1980s. It also functioned as stables, several agricultural supply stores, an auto mechanic shop, a mattress and upholstery store, a gardening supply store, and

551-520: The company's discriminatory pricing system. The higher rates resulted from the company's specific policy of allowing dealers to charge, at their discretion, a "dealer markup" above Ally's established "buy rate" and then compensating dealers based on the markup. Ally provided an incentive for dealers to charge higher rates, in violation of the Equal Credit Opportunity Act . Bank holding company A bank holding company

580-486: The final use was the law firm of James, McElroy & Diehl. In Charlotte's early history Uptown served as a meeting place for farmers. The building's site was purchased by Crescent in 2018 for $ 6 million and torn down in March 2018. Currently Ally Financial occupies 725,000 square feet (67,400 m) of the building and is one of two office tenants of the building, the other being Crescent Communities. All 2,100 Charlotte-based employees and contractors will relocate to

609-924: The new building from other Charlotte offices, which includes 440 South Church , 11605 N. Community House Road, WeWork space at 128 S. Tryon St, 1401 W. Morehead St, and 2101 Rexford Road. Ally will move into the building in phases as determined by teams. Charlotte is becoming an important hub for Ally, which is headquartered in Ally Detroit Center . The company has 500 more employees based in Charlotte than in Detroit. The company's history in Charlotte dates back over 20 years. In 2001, GMAC, Ally's predecessor, moved to Ballantyne . In 2009, GMAC agreed to anchor 440 South Church by leasing 106,000 square feet (9,800 m). At that time there were only about 250 local employees. The company further increased its Charlotte presence in 2016 when it purchased TradeKing Group,

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638-758: The office that feature collaborative technology, breaking barriers to virtual work and easing the connection to Crescent offices in other cities. At the time of the announcement Crescent had 100 local employees. In the first two years after delivering the building three restaurants opened in the building's ground floor retail space. Jinya Ramen Bar opened a 3,520 square feet (327 m) restaurant in September 2021, Salata Salad Kitchen began leasing 2,500 square feet (230 m) in October, 2021, and in January 2023 Brown Bag Seafood Co opened its third Charlotte location with

667-665: The operations of such companies. This authority applies even though a bank owned by a holding company may be under the primary supervision of the Office of the Comptroller of the Currency or the Federal Deposit Insurance Corporation . Becoming a bank holding company makes it easier for the firm to raise capital than as a traditional bank. The holding company can assume debt of shareholders on

696-508: The restaurants with hired events in early May. The goal of the restaurants is to offer exceptional urban dinning. Ally Financial Ally Financial Inc. (known as GMAC until 2010) is a bank holding company incorporated in Delaware and headquartered at Ally Detroit Center in Detroit , Michigan. The company provides financial services including car finance , online banking via

725-408: The servicing arm of Norwest Mortgage, which included an $ 11 billion mortgage portfolio. 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 1998, the company formed GMAC Real Estate . In 1999, GMAC Mortgage acquired Ditech . In 2000, the company formed GMAC Bank,

754-556: The shareholder number was 300), at which point the bank holding company is forced to register with the Securities and Exchange Commission . There are also added expenses of operating with an extra layer of administration. As a result of the 2007–2008 financial crisis , many traditional investment banks and finance corporations such as Goldman Sachs , Morgan Stanley , American Express , CIT Group and GMAC (now Ally Financial ) converted to bank holding companies to gain access to

783-411: The time, the bank had 265 Charlotte employees in three business units. In May 2009, GMAC Bank was rebranded as Ally Bank. In May 2010, GMAC re-branded itself as Ally Financial. In September 2010, the company sold its resort finance business to Centerbridge Partners . In 2012, the company sold its Canadian banking operations to Royal Bank of Canada for $ 3.8 billion. In April 2014, it became

812-509: Was founded in 1919 by General Motors (GM) as the General Motors Acceptance Corporation (GMAC) to provide financing to automotive customers. In 1939, the company founded Motors Insurance Corporation and entered the vehicle insurance market. 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

841-522: Was sold to Brookfield Asset Management . 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 . On December 24, 2008, the Federal Reserve accepted the company's application to become a bank holding company . In January 2009, the company closed Nuvell Financial Services , its subprime lending division. As

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