Approval of proposal by GMAC and IB Finance to become bank holding companies

The following press release was published by the Board of Governors of the Federal Reserve System on Dec. 24, 2008. It is reproduced in full below.

The Federal Reserve Board on Wednesday announced its approval of the application and notices under sections 3 and 4 of the Bank Holding Company Act by GMAC LLC and IB Finance Holding Company, LLC, both of Detroit, Michigan, to become bank holding companies on conversion of GMAC Bank, a Utah industrial loan company, to a commercial bank and to retain certain nonbanking subsidiaries.

Attached is the Order relating to this action.

Source: Board of Governors of the Federal Reserve System