GMAC Receives OTS Charter To Open New Federal Savings Bank

FOR RELEASE: August 22, 2001

GMAC Receives OTS Charter To Open New Federal Savings Bank

Horsham, Pa. - GMAC Residential Holding Corp. announced today that its wholly owned subsidiary, GMAC Bank, a federal savings bank, has received its charter from the Office of Thrift Supervision (OTS).

Headquartered in Wilmington, Del., GMAC Bank will open for business immediately and serve customers on a nationwide basis. The bank will begin marketing limited deposit products nationwide in September via the phone and the U.S. Mail.

GMAC Bank will offer or make available a variety of banking and personal financial services products, including FDIC-insured money market accounts, certificates of deposit, and transactional checking accounts. Additionally, the bank intends to offer cash access via the nationwide Cirrus ATM network.

Along with the deposit offerings, GMAC Bank intends to originate and purchase residential mortgage loans, as well as home equity loans and lines of credit.

GMAC Bank will not provide any funding for GMAC's auto finance business and will not make loans to dealers for wholesale auto financing or loans to consumers for retail auto financing.

"We are excited about integrating GMAC Bank into the current diverse world of GMAC Financial Services products and services, and we expect to reap the benefits of this new institution for years to come," said David Applegate, president and CEO of GMAC Residential Holding Corp.

GMAC Residential Holding Corp. is the parent of GMAC Bank, GMAC Mortgage Corporation, and GMAC Home Services.