California Deal Marks New Phase for Union-Owned Bank's Expansion
Amalgamated Bank in New York, which recently agreed to buy a West Coast institution, has big plans to operate in a number of major U.S. cities. Amalgamated, for its part, envisions becoming an institution with operations in other left-leaning cities such as Austin, Texas; Boston; and Chicago, said Keith Mestrich, the bank's president and CEO. Expansion could involve branches or acquisitions. Amalagamated Bank, alongside CDBA members Southern Bancorp, Sunrise Banks, and Beneficial State Bank, is a part of the Global Alliance for Banking on Values -- a group focused on reaching underserved populations.