Learn More about Amalgamated Bank
Photo credit: Amalgamated Bank showed their support for Pride NY as well as the Women’s March in NY and DC.
We hope by now you have heard the exciting news that we agreed to merge with Amalgamated Bank, which we announced back in December. The deal is slated to close sometime this spring as we are going through the process of obtaining regulatory approval at the moment.
Before New Resource and Amalgamated become one national values-based bank, we wanted to give you a little more information about Amalgamated to help you learn more about the good work they do. Amalgamated is a mission-focused bank that helps those who do good, do better. Like New Resource, they are on a mission to create a more just, compassionate and sustainable planet.
Amalgamated is a bank with an interesting history. They were founded by a union of immigrants nearly a century ago and began as the bank for working people. They pioneered free savings accounts, free checking accounts and unsecured credit. They also provided the funding for New York City’s first affordable housing development. Here are a few more details on Amalgamated Bank and what they support:
- They currently are the bank of 600+ progressive political organizations, campaigns and candidates. Their clients include the Democratic National Committee, 40 of the 48 Democratic Senators and Rock the Vote.
- They are the bank of hundreds of labor unions, representing teachers, electrical workers, hospital workers, football players and firefighters. In support of their union workers, they were the first bank to raise their minimum wage to $15 an hour.
- They bank hundreds of non-profits, foundations and socially responsible businesses like Planned Parenthood NYC, Habitat for Humanity NYC and Color of Change.
- They bank environmental organizations like Sierra Club, Solutions Project and Climate Action Network. They offer investment funds that are tobacco free and carbon free and don’t lend or invest any of their own money in companies or projects that hurt the planet.
Additionally, they have an active culture of volunteering and the bank supports causes like Autism Speaks, Fresh Air Fund, Youth Financial Literacy, Habitat for Humanity and Hispanic Heritage Month.
Amalgamated’s Donate the Change program earns cash back for nonprofits they bank. In 2017, they partnered with the Solutions Project to help accelerate the transition to 100% clean, renewable energy and collected more than $19,000 in donations.
Affordable housing is another area of expertise. Over half of their commercial real estate lending is in low or moderate income areas. Their First Home First Priority Program offers qualified low- to moderate-income first-time homebuyers discounts and features designed to help make homeownership a reality.
We know you will love Amalgamated as much as we do as you get to know them.
Do you have burning questions on the merger? Feel free to email us!