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Amalgamated History at a Glance

Major Events
1923 Founded by the Amalgamated Clothing Workers of America as New York City's first Labor Bank.
1924 Introduces the first, unsecured personal loans for working people and their families.
1925 Establishes Bank's headquarters at 15 Union Square in New York City.
1927 Finances the Amalgamated Housing Cooperative, the first union-supported housing development in the United States, which is located in the Bronx. More housing units were added over the years and 700 families lived there by 1947.
1948 Celebrates its first quarter century of operations and has total assets of $39 million.
1955 Continues to broaden its range of consumer and commercial banking services.
1957 Provides funding for the Park Reservoir Housing Cooperative in the Bronx, which is the first affordable housing development created under New York State's Mitchell-Lama Housing Program.
1973 Becomes the first bank in New York City to offer totally free checking accounts.
  Launches the Trust & Investment Services Division to serve the needs of union-related pension and benefit funds.
  Completes 50 years of serving labor unions, working people and businesses and has total assets of $756 million.
1977 Starts the Health Care Financial Services Division to meet the specialized financial and banking needs of nursing homes and health care facilities.
1991 Begins the Housing Loan Program, which provides unsecured loans to affordable housing developments. Financing is earmarked for capital improvements to the facilities.
1992 Introduces the first LongView Equity Index Fund, which provides union pension funds with investment products and actively advocates for enhanced shareholder value.
1995 The Amalgamated Clothing and Textile Workers Union merges with the International Ladies Garment Workers Union.
1998 Opens a full-service branch in Washington, DC.
2000 Creates a full-service branch in Northern New Jersey.
2002 Expands into Southern California by opening a full-service branch in Pasadena.
2004 HERE (Hotel Employees and Restaurant Employees International Union) creates UNITE HERE, which is the Bank's owner.
2006 Completes sale of the Bank's headquarters building at 15 Union Square in New York City.
  Receives approval from New York State to create a Banking Development District in Long Island City, Queens.
  Assets exceed $4.5 billion.
  Announces that during the past 15 years, the Housing Loan Program has provided over $300million in loans to affordable housing units for capital improvements.
2007 Moves into new corporate offices at 275 Seventh Avenue in New York City.
  Opens new, state-of-the-art branch at 10 East 14th Street in Manhattan.
  Welcomes first customers to the Bank's newest branch at 36-16/18 21st Street in Long Island City, the first local bank to open and serve the neighborhood in decades.
2008 Opened our first three branches in Las Vegas to serve members of Culinary Workers Union, Local 226 and southern Nevada's working families.
  Increased assets under management in the Institutional Asset Management Division to nearly $13 billion by June 2008.
  Closed a series of Corporate Banking lending transactions valued at over $60 million during the first six months of 2008.
  Closed $165 million in Commercial Real Estate loans by the end of the second quarter of 2008.
  Secured Banking Development District (BDD) designations for Amalgamated Bank branches in Brooklyn's Bedford Stuyvesant and Sunset Park neighborhoods and the new Burnside Avenue branch in the Bronx.
  Launched the "Homeownership & Financial Empowerment Center" to serve union members in Las Vegas.
  Received $80 million in combined deposits from New York State and New York City for opening four BDD branches in underbanked sections of the Bronx, Brooklyn and Queens.
  Introduced the LongView Quantitative Small-Cap, Mid-Cap, Large-Cap and International Equity Funds, which were designed and developed by our Institutional Asset Management Division.
  Achieved an "Outstanding" rating from the New York State Banking Department and a "Satisfactory" rating from the FDIC in our Community Reinvestment Act examinations.
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