Amalgamated Bank
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| Private | |
| Industry | Banking |
| Founded | April 14, 1923 |
| Headquarters | 275 Seventh Avenue, New York City, New York, U.S. |
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Key people
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Keith Mestrich, President & CEO |
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Number of employees
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400+ employees |
| Website | amalgamatedbank.com |
Founded on April 14, 1923, by the Amalgamated Clothing Workers of America,Amalgamated Bank is the largest union-owned bank and one of the only unionized banks in the United States. Amalgamated Bank is currently majority-owned by Workers United, an SEIU Affiliate. As of June 30, 2015, Amalgamated Bank has nearly $4 billion in assets. Through its Institutional Asset Management and Custody Division, Amalgamated Bank is one of the leading providers of investment and trust services to Taft-Hartley plans in the United States. As of June 30, 2015, the bank oversees approximately $40 billion in investment advisory and custodial services.
Amalgamated Bank provides affordable and accessible banking to its customers, advocates for workers’ rights, and promotes high standards of environmental, social and corporate governance practices. Amalgamated Bank clients include progressive individuals and organizations like presidential campaigns, labor unions and nonprofits.
In 1927, Amalgamated Bank financed the Amalgamated Housing Cooperative, the first union-supported housing development in the United States, which is located in The Bronx. In 1957, it financed the construction of Park Reservoir Housing Cooperative in the Bronx, which was the first affordable housing development created under New York State's Mitchell-Lama Housing Program. Amalgamated has a long history of helping union movements. It once opened its bank vaults on a Saturday in order to provide $300,000 in bail for striking workers. The National Association for the Advancement of Colored People (NAACP) received $800,000 to post a cash bond within 24 hours. In 1973, bank employees worked all weekend to keep striking Philadelphia teachers out of jail. In 1982, Amalgamated made a $200,000 loan to the striking National Football League Players Association despite the fact that they did not even have an account at the bank.
Headquartered in New York City, Amalgamated Bank has 16 branches in four NYC boroughs, Washington D.C., and California. There is also 24-hour access through online and mobile banking. Amalgamated Bank offers comprehensive financial services for individuals, small businesses and commercial clients. Products include: deposits, loans, investments, cash management, residential and commercial mortgages. Checking customers have access to over 40,000 surcharge-free ATMs across the U.S. through the Allpoint Network. Amalgamated Bank specializes in providing loans and banking services to political and advocacy groups, nonprofit organizations, labor unions and Middle Market companies. Some notable clients of the bank include:
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