We’re Merging with Fellow B Corp Amalgamated Bank
Learn about the new path forward for New Resource Bank
Dear Esteemed Clients,
From day one we have sought to build a bank with a big impact on the triple bottom line, with a vision to become a national bank serving all the changemakers who are building a better world – individuals, mission-driven companies and nonprofit organizations. We now have the exciting opportunity to truly fulfill that vision.
We are pleased to share that Amalgamated Bank, a fellow B Corp, will acquire New Resource Bank in a merger that will extend and grow the reach of our founding mission. Amalgamated, a New York-based bank that is also a Global Alliance for Banking on Values (GABV) member, has nearly a century of experience in serving the needs of working people. Their mission is to be the financial institution for progressive people and organizations: those who are working and living to make the world more just, compassionate and sustainable.
Through our merger, Amalgamated will gain the expertise of our sustainability lending and leadership, and we will gain the scale of a bank already supporting nationwide consumer and commercial products and lending services. We share a vision to scale our model of impact banking to build a better world. Working together, we will be able to achieve our vision at a faster pace than working alone.
The merger will grow our products, capabilities and geographies while we continue to do all that we do now and more. And the more is full of promise. It’s creating a true consumer strategy. It’s capitalizing on an investment and trust practice. It’s the ability to make larger loans to support clients as they grow. The more is everything we wanted to do in our 10-year strategic plan and can now accelerate to happen next year.
I know this news will come as a surprise to many of you, especially our long-time clients and friends. We were not designed with a build, scale and sell model. Over the years, we candidly have had other inquiries, but none were in alignment with our vision and mission. However, joining forces with Amalgamated aligned so robustly with our vision and mission, and their products and services matched perfectly with what our community has been seeking. We will retain influence on Amalgamated’s strategic vision, as Mark Finser, our current Chairman of the Board and a founding board member, will join their board and our existing board of directors will become a national strategic advisory committee to execute our shared vision.
What you can expect in the coming months is business as usual. We anticipate no changes to day-to-day operations or your accounts. We expect the deal will take several months to attain the regulatory approval needed to close, after which time, the official integration will begin. From now until close, your accounts, loans, ATMs, debit cards, and bankers you interact with will all stay the same. As we get closer to the date of the official integration we will share with you more information on the details of our transition, but we expect the experience to be completely seamless for our clients.
Our future looks bright. We will continue to be the sustainable, forward-thinking bank with strong values that you have always loved. Think of us as your same San Francisco-based mission-aligned bank, just with an even bigger heart and footprint.
Feel free to reach out to us anytime with your questions and concerns at (415) 995-8100 or [email protected] We are here for you.
-Vince Siciliano, President & CEO
Join us for a webinar with our CEO Vince Siciliano and Amalgmated’s CEO Keith Mestrich on Wednesday, December 20th at 3 p.m. – 4 p.m. PST. Learn more and register here.
Find our press release here.
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