Amalgamated Bank

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.

History

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.

Amalgamated Bank (disambiguation)

A number of banks have similar names containing Amalgamated Bank. Wikipedia articles exist for: