Volume 11 ••• Fall 2012
Democratic National Committee Moves Its Money to Amalgamated Bank
The Democratic National Committee (DNC) has moved its primary banking relationship to Amalgamated Bank, America’s Labor Bank™. The DNC plans to use Amalgamated Bank’s cash management services to handle its day-to-day banking needs.
In announcing the new alliance with Amalgamated, DNC Chair Debbie Wasserman Schultz said, “We are proud to join forces with Amalgamated Bank, an organization with a 90-year legacy of reflecting the values of our nation’s middle class. Amalgamated and the Democratic Party share a common heritage of advocating for positive changes in our economy and society to help working men and women achieve their fair share of the American dream. Furthermore, at the DNC, we have a fiduciary responsibility to those who invest in our party; it is critical that we honor their efforts to strengthen our infrastructure and build our organization by partnering with an institution that shares our commitment to standing with America’s working families and small businesses, who we believe are the backbone of our country.”
Edward Grebow, the Bank’s President and CEO, said, “The DNC joins a growing chorus of non-profit groups, labor unions, and progressive organizations that are choosing to bank with an institution that understands and is fighting for the values of all hardworking American families, and we are proud to have their business.”
Amalgamated’s relationship with the DNC will be managed by Senior Vice President Keith Mestrich, who directs the Bank’s operations at its Washington, D.C., headquarters.