WOODBURY, N.Y., May 29, 2024 ~ CardWorks, Inc. has recently announced its latest strategic move in the financial industry. The company's wholly-owned subsidiary, Merrick Bank, has completed the purchase of approximately $500 million in GreenSky® Program home improvement loan participations and entered into a forward flow agreement to purchase additional GreenSky® Program home improvement loan participations.

This acquisition is part of a broader strategic relationship between CardWorks and GreenSky. The move comes after a consortium of institutional investors led by Sixth Street and including KKR, Bayview Asset Management, and CardWorks acquired GreenSky from Goldman Sachs on March 15, 2024.

Dan Pillemer, President & Chief Executive Officer of CardWorks, expressed his excitement about the partnership with GreenSky. He stated that they view GreenSky as a best-in-class home improvement platform and are looking forward to exploring further opportunities for collaboration between Merrick and GreenSky in the future.

Pillemer also mentioned that CardWorks recently launched its Flow Lending business, which focuses on identifying high-quality lending platforms as forward flow partners. With Merrick's expertise in prime and non-prime credit risk management and their strong focus on compliance and partner oversight, they are well-positioned to be a trusted funding partner with access to deposits. This partnership with GreenSky marks Merrick's first forward flow partnership.

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Don Berman, Founder & Executive Chairman of CardWorks, highlighted the company's commitment to pursuing growth opportunities through acquisitions. He stated that the GreenSky transaction aligns with CardWorks' long-term strategic vision of expanding and diversifying their business. Berman also mentioned that CardWorks has a strong balance sheet and capital levels, making them well-equipped to pursue other inorganic opportunities for growth.

GreenSky CEO Tim Kaliban expressed his enthusiasm for the partnership with Merrick Bank. He stated that this collaboration demonstrates robust demand for their assets and highlights their strong balance sheet liquidity and funding diversification. Kaliban also mentioned that this partnership allows GreenSky to continue delivering on their mission of providing exceptional value to merchants and helping their businesses grow while delighting their consumer customers.

This latest move by CardWorks and Merrick Bank showcases their commitment to growth and innovation in the financial industry. With this strategic partnership with GreenSky, they are well-positioned to continue expanding their business and providing exceptional services to their clients.
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