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Amalgamated Bank history
Amalgamated Bank company history timeline
On April 14, 1923, the bank opened it doors to the public on East 14th Street, Manhattan, nextdoor to a former site of Tiffany's on Union Square.
In 1924, it was the first New York City bank to offer unsecured instalment loans based on the borrower's employment history and future earnings potential.
1925: Amalgamated Bank of New York moves to 15 Union Square, which is still its headquarters.
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.
1933: The bank is one of the first to reopen following panic withdrawals of the early Depression era.
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.
1962: Amalgamated Bank of New York's assets reach $115 million.
Also in 1973, it created a division for trust and investment services to serve employee benefit plans, providing trust, investment advisory, custodial, and benefit remittance services.
Amalgamated Bank of New York began offering checking accounts in 1973, becoming the first in the metropolitan area not to charge a fee either for the service or for checks without requiring a minimum balance.
In 1973, bank employees worked all weekend to keep striking Philadelphia teachers out of jail.
1977: The bank has four branches and $720 million in assets.
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 was managing pension funds for 93 unions by late 1983, almost entirely in the New York metropolitan area.
In 1986, it charged off only $195,000 in bad loans out of its portfolio of $313.5 million.
In 1992, the bank initiated what it called a unique equity index mutual fund that it said would push for enhanced shareholder value by encouraging business boards to pursue sound governance policies and hold managements accountable to high social and corporate citizenship.
1998: Amalgamated opens a branch in Washington, D.C.
Amalgamated Bank of New York shortened its name to Amalgamated Bank in 2000.
2002: The bank opens a branch in Pasadena, California. ignoring the bank, which was reported to be taking measures to attract Hispanic customers.
Besides its headquarters and its Washington, Lyndhurst, and Pasadena branches, Amalgamated Bank had, in 2003, three Manhattan branches, two Bronx branches, and one in Queens.
In May 2018, the Amalgamated Bank merged with New Resource Bank of San Francisco.
As 2019 comes to an end, there is a lot to celebrate at Amalgamated Bank.
At that time, he will transition from a director to special advisor to the Board through July 2021.
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Amalgamated Bank competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Think Bank | 1961 | $68.5M | 300 | 4 |
| Flint Area School Employees Credit Union | 1934 | $3.0M | 125 | - |
| New Resource Bank | 2006 | $11.0M | 300 | - |
| Flushing Bank | 1929 | $206.2M | 510 | 10 |
| Solvay Bank | 1917 | $41.0M | 155 | 23 |
| Watertown Savings Bank | 1893 | $34.7M | 50 | 6 |
| Amalgamated Bank of Chicago | 1922 | $21.7M | 167 | - |
| M&T Bank | 1856 | $499.3M | 16,840 | 1,062 |
| Wayne County Bank | 1914 | $14.0M | 50 | - |
| The Citizens National Bank Of Southwestern Ohio | 1910 | $33.0M | 187 | 33 |
Amalgamated Bank history FAQs
Zippia gives an in-depth look into the details of Amalgamated Bank, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Amalgamated Bank. The employee data is based on information from people who have self-reported their past or current employments at Amalgamated Bank. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Amalgamated Bank. The data presented on this page does not represent the view of Amalgamated Bank and its employees or that of Zippia.
Amalgamated Bank may also be known as or be related to Amalgamated Bank and Amalgamated Capital.