It is possible to be both a strong financial institution, and a force for positive change in the world.
NEW YORK – Amalgamated Bank, the nation’s leading progressive bank, today announced that it has been certified as a B Corporation by the nonprofit organization B Lab. This globally-recognized certification highlights the work of good corporate actors around the world, and is offered to only those businesses which are fully committed to redefining success to include a mission to create a more socially equitable world, including an accessible economy with opportunity for all. In becoming B Corporation certified, Amalgamated Bank joins over 1,800 conscientious organizations in pledging to the highest standards of good governance and corporate transparency.
“We are honored to join the ranks of certified B Corporations, and immensely proud of this recognition of Amalgamated’s unending commitment to proving it is possible to be both a strong financial institution, and a force for positive change in the world,” said Keith Mestrich, President and CEO of Amalgamated Bank. “This certification highlights our commitment to never stop fighting to build a more equitable world, in which corporations seek to benefit every person, not just shareholders.”
Amalgamated Bank is America's largest B Corp. certified bank, and it joins a list which includes companies across 120 industries in 50 different countries. B Corps. believe in the ability to “use business as a force for good”, and this certification aligns with Amalgamated’s mission as a progressive institution. As the bank of choice for thousands of non-profits, philanthropies, unions, political organizations and socially responsible companies, Amalgamated works every day to help those who do good, do better.
The certification comes amid a long series of efforts by Amalgamated Bank to create socially equitable change, including fighting for a $15 minimum wage in both New York and Washington, D.C. – and instituting it internally for their own employees. The Bank believes in an economy for everyone, not just the few, and works to improve access to financial services for underbanked communities, and to improve economic access by supporting programs like the New York City Municipal ID. In addition, the Bank took the Obama Administration’s Equal Pay Pledge in December, promising to continue doing its part to eliminate the wage gap and reduce structural barriers to success, regardless of gender, ensuring fundamental fairness for all workers.
Becoming a certified B Corporation also highlights an organization’s promise to seek to create collective benefit through promoting sustainable operations, exactly as Amalgamated has sought to do by shrinking its carbon footprint (including pledging to be powered by 100% renewable energy by the end of 2017), and joining with initiatives such as the RE100, and working with partners like the Divest-Invest Network. Through its actions, the Bank continues to demonstrate its commitment to benefitting all stakeholders, not just shareholders, and to pushing its fellow financial institutions to create a more just and equitable world.
About Amalgamated Bank
For nearly a century, Amalgamated Bank has been the most trusted financial institution for progressive people and organizations. By helping those who do good do better, we work to help make the world more just, compassionate and sustainable. Our extensive experience, financial resources and community of like-minded customers offers labor unions, philanthropies, political campaigns, socially and environmentally responsible corporations, as well as individuals, a unique set of financial services enabling them to lead the charge to improve our communities and our country.