UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
October
29, 2010
(Date of
report; date of
earliest
event reported)
Commission file number:
1-3754
ALLY
FINANCIAL INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
(State
or other jurisdiction of
incorporation or organization) |
38-0572512
(I.R.S.
Employer
Identification No.) |
200
Renaissance Center
P.O.
Box 200 Detroit, Michigan
48265-2000
(Address
of principal executive offices)
(Zip
Code)
(866)
710-4623
(Registrant's
telephone number, including area code)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction
A.2. below):
[ ] Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
1.01 Entry
into a Material Definitive Agreement.
On October 29, 2010, each of Ally
Financial Inc. (“Ally”), IB Finance Holding Company, LLC (“IB Finance”) (Ally
and IB Finance are collectively, the “Holding Companies”), Ally Bank and the
Federal Deposit Insurance Corporation (the “FDIC”) entered into a Capital and
Liquidity Maintenance Agreement (the “CLMA”), which supersedes the original
capital and liquidity maintenance agreement dated July 21, 2008. The effective
date of the CLMA is August 24, 2010.
The CLMA requires capital at Ally Bank
to be maintained at a level such that Ally Bank’s tier 1 leverage ratio is at
least 15%, as calculated under 12 C.F.R. Section 325.2(m), or any successor
regulation, which is consistent with capital requirements currently applicable
to Ally Bank and thus does not impose any additional capital requirements.
Any capital contributions made by the Holding Companies to Ally Bank must be in
the form of cash, short-term U.S. Treasury securities, or other assets
acceptable to the FDIC.
The CLMA further requires that the
Holding Companies maintain Ally Bank’s liquidity at such levels that the FDIC
deems appropriate to permit Ally Bank to meet its short and long-term liquidity
needs. In support of this, Ally is required to maintain its
existing $3 billion unsecured revolving line of credit in favor of Ally
Bank, which was required under the original capital and liquidity maintenance
agreement entered into in 2008.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
ALLY FINANCIAL
INC.
(Registrant)
|
||
|
Dated:
November 4,
2010
|
/s/ David J.
DeBrunner
David J. DeBrunner Vice President, Chief Accounting Officer and Controller |