Ally Financial Declares Dividends on Preferred Stock Issued to U.S. Treasury

DETROIT — The Ally Financial Inc. Board of Directors today said it declared quarterly dividend payments for certain outstanding preferred stock issued to the U.S. Department of the Treasury on Dec. 30, 2009.

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. 

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.