December 24, 2008

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

For immediate release

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.

Last Update: December 24, 2008