The Amalgamated Clothing Workers of America (ACWA) founded Amalgamated Bank in 1923 to serve the financial needs of working people. In 1995, the ACWA merged with another labor union, the ILGWU, to form UNITE which then, in July 2004, merged with HERE (the union for hotel and restaurant workers) to form UNITE HERE. These two unions have since divorced; Workers United has retained ownership of the Bank.
In 1973 Amalgamated Bank received trust powers and launched the Investment Management Division to provide trustee, investment advisory, custody and benefit remittance services for union and public sector employee benefit plans. The Investment Management Division has its main offices in the Bank's headquarters building and maintains a Regional Sales & Marketing Office in Pasadena, CA. Amalgamated Bank also has a network of 25 full-service branch banking offices offering retail and commercial banking products and services in California, New Jersey, New York, Nevada, and Washington DC.