GMAC Bank Will Announce Deposit Gathering Plans Soon

Now that GMAC Financial Services has received both bank holding company approval and a $5 billion investment from the U.S. Treasury, one of its next moves will be to ramp up its deposit gathering capabilities. A spokeswoman for the company said GMAC's bank, GMAC Bank of Utah, will remain as an online bank. She said marketing plans regarding deposits could be announced over the next few weeks. GMACFS also controls Residential Capital Corp. of Horsham, Pa., a $391 billion servicer. In late December the Treasury invested $5 billion in GMACFS, by purchasing preferred stock that carries an 8% yield. "The overall health of GMAC has greatly improved," said the spokeswoman. The company recently completed a note exchange offer that fell short of its goals but the government investment in the company boosted its immediate financial outlook. The warehouse lending platform of GMAC is housed in its bank.