Amalgamated Bank

Website Amalgamated Bank
Location USA
Key figures Impact story


When choosing a financial partner, culture and values should be key factors in the decision.

Amalgamated Bank’s mission is to be the trusted financial partner to progressive people, companies and organisations. We provide products, expertise and capital to a unique community of people who share the same progressive values as we do regarding equal rights, women’s rights, workers’ rights, immigrant’s rights and environmental protections.

Together with our customers, the bank is working to build a more just and equal society to lift up all Americans.


Amalgamated Bank was founded in 1923 by the Amalgamated Clothing Workers of America with one primary goal – to provide working class people with the banking services they were refused by other banks. The bank was the first bank to provide free savings and checking accounts. They developed unsecured credit products so that struggling workers could borrow money and made it easier for immigrants to send money back home. Over time, Amalgamated became the go-to bank for unions and for progressive companies, organizations and individuals.

The bank continues to be guided by values and conscience to establish the right financial products and guidelines. They still make it easier for people to open their first bank accounts and buy their first homes. They strive to use a more caring criteria to determine how, when and where we lend money. They have thousands of relationships with forward thinking companies that ensure equal rights, women’s rights and workers’ rights. Amalgamated takes pride in funding food banks, day care centers, women’s health centers, affordable housing projects and environmentally friendly projects. The bank supports reforms that protect the economy and enable everyone to participate fully in our financial system. The bank donates time and money to the causes they passionately believe in. Amalgamated advocated for paid sick leave and a higher minimum wage. The bank use their branches to register people to vote. And are proud to provide access to communities that have historically been underserved by the banking industry.


Amalgamated Bank is the largest majority union-owned bank in the United States. The bank’s corporate divisions include Consumer Banking, Commercial Banking, Investment Management and Commercial Lending. We provide unique expertise and attention for political organizations, non-profits, foundations and unions. Amalgamated has retail branches across four boroughs of New York City, as well as branches in California and Washington D.C.

Market Focus, Products and Services

Amalgamated offers a wide array of products and services but with the goal of providing affordable and accessible banking for all. Many of our products are mission-driven including:

  • No-fee checking accounts with no minimum deposit to open an account or monthly maintenance fee;
  • Second Chance Checking and Savings Accounts that give customers who have had financial challenges in the past an opportunity to start again;
  • Donate the Change Checking Account: a program where the bank donates money to progressive causes when accounts are opened and debit cards are used;
  • First-Time Homebuyers Program – a special mortgage program with low down payments, adjustable rates and lower costs;
  • Special financial solutions for unions, political campaigns, non-profit organisations and foundations that demonstrate understanding of their unique financial requirements;
  • Investment and Retirement services including mutual funds that are carbon-free, tobacco free and environmentally responsible.


  • Keith Mestrich, President and Chief Executive Officer
  • Drew Labenne, Chief Financial Officer

Key figures for Amalgamated Bank

* Figures in USD million
** Based on local currency
Total Assets4,6854,0414,0423,8203,707
Funds Under Management11,82217,81414,29612,75912,880
Total Assets and Funds Under Management16,50721,85518,33816,57916,587
Total Assets and FUM Growth (One Year)**-24.47%19.18%10.61%-0.04%-2.91%
Loans (net)3,2112,7842,5102,2701,975
Loans to Total Assets68.5%68.9%62.1%59.4%53.3%
Loan Growth (One Year)**15.34%10.94%10.56%14.92%2.77%
Client Funding4,1053,2333,0092,7332,524
Client Funding to Total Assets87.6%80.0%74.4%71.5%68.1%
Client Funding Growth (One Year)**26.98%7.43%10.10%8.31%-2.22%
Equity to Total Assets9.4%8.5%8.4%8.7%8.6%
Tier 1 Capital Ratio13.2%11.6%11.7%12.0%8.9%
Total Revenue178.1148.7135.1124.4109.5
Net Income49.214.25.341.83.3
Return on Assets0.94%0.35%0.14%1.11%0.09%
Return on Equity10.59%4.04%1.52%12.85%1.04%
Cost to Income Ratio71.9%82.2%86.5%92.8%118.0%