Founded on April 14, 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank is the largest majority-owned union bank and one of the only unionized banks in the United States. Amalgamated Bank is majority-owned by a Service Employees International Union (SEIU) affiliate and has never received a government bailout.
Amalgamated has a long history of helping labor movements. It once opened its bank vaults on a Saturday in order to provide $300,000 in bail for striking workers. On a separate occasion, the bank provided the National Association for the Advancement of Colored People (NAACP) with $800,000 for a cash bond that had to be posted in 24 hours. In 1973, bank employees worked all weekend to keep striking Philadelphia teachers out of jail, and, in 1982, Amalgamated made a $200,000 loan to the striking National Football League Players Association despite the fact that they did not have an account at the bank.
Our special relationship with unions continues today. We are proud to bank several high-profile unions and many more local chapters, and we actively advocate for workers' protections. We have always considered our bank to be an institution for working people and we look forward to carrying that heritage into the future.
Amalgamated Bank has always been dedicated to supporting American workers and the American Labor Movement, and that commitment continues today. At Amalgamated Bank, we strive to purchase only products that have been made by union workers in America. In addition, we aim to hire union contractors for our building and construction projects and to have our outside printing produced by union printers with the union label proudly displayed. We even fly on unionized airlines and stay at unionized hotels. For nearly a century, American workers and their organizations have trusted Amalgamated Bank with their hard-earned money and pension funds, and we endeavor, every day, to continue to earn that trust.