Release Date: May 19, 2004
New York, NY Amalgamated Bank, known as "America's Labor Bank" for 80 years, is opening a branch this month in New York's Financial District, making it one of the first financial institutions to open in lower Manhattan since the attacks of September 11, 2001.
The branch is located at 52 Broadway, which is also home to the headquarters of the UFT, the United Federation of Teachers' union.
The Broadway location will be Amalgamated's eighth branch in New York City. The bank also has locations in Washington D.C., Lyndhurst, NJ, and Pasadena, CA.
Amalgamated Bank was established by the Amalgamated Clothing Workers of America (ACWA) in 1923 to make affordable banking available to working people. Today the bank is owned by UNITE, the union formed through the merger of ACWA and the International Ladies' Garment Workers Union.
"This move to lower Broadway offers another example of how the business community is committed to a revitalization of the area most devastated by the attacks of 9/11," said Amelia Vinal, Senior Vice-President of Amalgamated Bank. "For Amalgamated, having a presence in the 'financial capital of the world' has long been a goal and the bank's location in the UFT headquarters building allows us to establish a closer relationship with the many union workers who visit the building every day."
The area is home to many small businesses and many UFT members visit 52 Broadway to take classes and conduct various business with their union.
America's Labor Bank
In 1924, Amalgamated Bank was the first to make unsecured personal loans to garment workers, who repaid them in installments. It was the first bank to introduce a foreign funds transfer service, which allowed recent immigrants to send money transfers overseas to their families back home.
"Even during the Depression, Amalgamated Bank looked at jobs as collateral for loans, while other banks demanded collateral," said Vinal. "As long as they were working, we accepted it."
Amalgamated became the first bank, in the 1970s, to offer customers free checking accounts with no minimum balance. This is a policy that continues today. The Bank also offers special low rates on auto loans and personal loans to union members. All the bank services are available to the general public.
In addition, the Bank has a history of being active in supporting unions and their members during times of crisis, whether or not they are customers.
