As the finance company joined the ranks being subpoenaed by the U.S. Department of Justice, Ally Financial announced on Friday that the U.S. Department of the Treasury has sold its remaining 54.9 million shares of common stock at $23.25 per share.

As a result, the company highlighted that Ally will have exited the Troubled Asset Relief Program (TARP) upon settlement of the sale. The U.S. Treasury received $19.6 billion in total on the $17.2 billion Ally investment, which is $2.4 billion more than originally invested. 

“This marks another major milestone in Ally's journey,” Ally chief executive officer Michael Carpenter said. “We are appreciative of the investment the U.S. Treasury made in Ally and their understanding of how important available financing was to the U.S. auto recovery.

“Today, Ally stands as a stronger and more focused financial services company that is dedicated to continued progress in the future,” Carpenter continued. 

Ally entered TARP in December 2008 as part of the effort to stabilize and strengthen the U.S. auto industry, and now is a leading auto finance provider.

Since receiving the investment from Treasury, Ally financed 7.4 million vehicles to U.S. consumers through its expansive dealer network, which currently stands at approximately 16,000 dealers. This level represents about one in every 12 new vehicles sold to U.S. consumers during this timeframe.

Additionally, Ally provided inventory financing for nearly 23 million vehicles at more than 6,500 dealers since receiving the investment from Treasury. 

“The Auto Industry Financing Program helped save the auto industry, more than one million jobs, and prevent a second Great Depression,” said Treasury Secretary Jacob Lew.

“Thanks to President Obama’s leadership, our economy has rebounded from the depths of the financial crisis and is now creating jobs at the fastest pace since the 1990s," Lew continued. 

"There is more work to do, but as we exit the last major financial investment, it’s important to take stock of the progress we have made, and the critical role TARP and the Auto Industry Financing Program played in getting us to this point," he went on to say.

While news was rosy on the financial front, developments on the regulatory side intensified for Ally this week.

The company revealed in a filing with the Securities and Exchange Commission that Ally recently received a subpoena from the Justice Department requesting information in connection with its investigation related to subprime automotive finance and related securitization activities.

“Other financial institutions have disclosed receiving similar requests earlier this year,” Ally said in the filing signed by David DeBrunner, the company’s vice president, chief accounting officer and controller, in reference to acknowledgements by finance companies such as Credit Acceptance.

The Justice Department request comes after an Oct. 31 filings statement that indicated Ally received a document request from the SEC in connection with its investigation related to subprime automotive finance and related securitization activities.