Amalgamated Financial Corp.

Amalgamated Financial Corp.

Amalgamated Financial Corp., the holding company for Amalgamated Bank, was founded in 1923 by the Amalgamated Clothing Workers of America to provide affordable banking to union members and labor organizations. Priscilla Sims Brown has served as President and CEO since 2021, overseeing an institution that remains majority-owned by union-affiliated investors and pension funds. The bank went public on the Nasdaq in 2018 under the ticker AMAL but has preserved its founding labor and social-justice mandate. Its client base includes major labor unions, political campaigns, progressive nonprofits, and mission-driven corporations. The bank operates through commercial banking, retail banking, and trust divisions, with assets deployed primarily through direct lending. Its commercial loan book emphasizes climate solutions — Amalgamated was an early financier of community solar projects and has publicly committed to net-zero financed emissions by 2045. The bank also provides specialty mortgage products for affordable housing, lends to charter schools and community health centers, and offers depository services for Democratic political campaigns and PACs. Geographic focus is concentrated in New York, Washington, D.C., and California, with additional retail branches serving union-dense communities. Amalgamated does not hold a traditional private equity or venture portfolio; instead, it has originated direct loans to early-stage climate technology firms and B-Corporations, including Arcadia Power and Sunwealth. Amalgamated reported $8.1 billion in total assets as of its most recent filings (per the firm's official communications, 2024), with roughly 375 employees across New York, Washington, D.C., and San Francisco. The bank operates Amalgamated Foundation, a donor-advised fund platform that distributes grants to progressive causes, including voting rights and climate advocacy. In November 2023, Amalgamated acquired a $400 million portfolio of social-impact commercial loans from a regional lender divesting the assets — a transaction that added affordable housing and community healthcare facility loans to its balance sheet. Amalgamated is structurally distinct from other publicly traded banks in that its largest shareholders remain union-affiliated entities, and its corporate governance requires the bank to consider social and environmental impact alongside financial returns. This dual mandate — delivering commercial bank risk management while serving as the de facto treasury for American labor-backed movements — makes it a uniquely positioned depository. No other U.S. bank of comparable asset size carries the same concentration of political and nonprofit deposit relationships paired with a public net-zero commitment and a charitable foundation integrated into its holding company.