Amalgamated Bank of Chicago history

1923: The bank is founded by the Amalgamated Clothing Workers of New York.

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.

1962: Amalgamated Bank of New York's assets reach $115 million.

It had a customer base of about 30,000 depositors and borrowers in 1965.

1969 The Bank supports the Chicago Federation of Labor and Industrial Union Council in its boycott of California grapes, promoting fair working rights for American farm workers.

1971 ABOC purchases and moves to One West Monroe in the heart of Chicago’s Loop.

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 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.

1996 ABOC, establishes a customized labor-friendly proxy voting program.

Amalgamated Bank of New York opened its seventh branch--and its first outside the city--in 1998, in Washington, D.C., the home of AFL-CIO headquarters and to more than 40 labor unions.

Amalgamated opened a branch in Lyndhurst, New Jersey, and expanded into California in 2002, when it opened a branch in Pasadena.

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.

2004 The Amalgamated Bank Labor Advisory Committee of St Louis is formed.

2007 The Bank establishes a branch office at 28600 Bella Vista Parkway in Warrenville, Illinois to service a growing union and corporate presence in DuPage County.