Today is a very exciting day for all of us at Amalgamated Bank...Moving forward as a public company, we hope to expand our impact in helping those who do good, do better.
NEW YORK — Amalgamated Bank (“Amalgamated”), a commercial bank and a chartered trust company that specializes in providing banking services for socially responsible and values-based clients, today celebrated its first day as a public company trading on the Nasdaq Stock Market under the ticker symbol “AMAL”. The company’s leadership team will join with employees from all levels of the bank to ring the opening bell at Nasdaq on Friday, August 10, 2018 to mark the milestone.
Keith Mestrich, CEO of Amalgamated Bank, commented: “Today is a very exciting day for all of us at Amalgamated Bank as we officially mark our first day as a public company. Over the past several years we have strengthened our D.C. presence, expanded into San Francisco through our acquisition of New Resource Bank, broadened our product offerings, and grown our deposits and our customer base. Moving forward as a public company, we hope to expand our impact in helping those who do good, do better.”
About Amalgamated Bank
Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of 14 branches in New York City, Washington D.C., and San Francisco, and a presence in Pasadena, CA and Boulder, CO. Amalgamated was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country's oldest labor unions. Amalgamated provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of March 31, 2018, total assets were $4.2 billion, total net loans were $2.9 billion, and total deposits were $3.3 billion. Additionally, as of March 31, 2018, the trust business held $29.4 billion in assets under custody and $11.6 billion in assets under management.
FORWARD LOOKING STATEMENTS
Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans, goals, projections and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors, include, among others, the following: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the company's loan portfolio and allowance for loan losses; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in the U.S. legal and regulatory framework; (5) adverse conditions in the stock market, the public debt markets and other capital markets (including changes in interest rate conditions) could have a negative impact on the company; (6) technology and cybersecurity risks, including potential business disruptions, reputational risks, and financial losses, associated with potential attacks on or failures by our computer systems and computer systems of our vendors and other third parties; and (7) risks, uncertainties and other factors disclosed in our most recent Securities Exchange Act of 1934 reports filed with the Federal Deposit Insurance Corporation. Any forward-looking statements are qualified in their entirety by reference to the factors discussed in the section titled “Risk Factors” in Amalgamated’s final offering circular relating to this offering, and other risks described in documents subsequently filed by Amalgamated from time to time.