Amalgamated Financial Buying Namesake Chicago Bank for $98 Million
Amalgamated Financial in New York is acquiring Amalgamated Investments Co., the parent of Amalgamated Bank of Chicago, for $98.1 million in cash. While their names and missions are similar, the two companies are not affiliated. Both companies emphasize environmental, social and governance missions, serving nonprofit organizations and unions. Together, the companies said they would also serve political organizations and philanthropies that support environmental sustainability and social enterprises. "This acquisition aligns with our disciplined strategy of pursuing accretive opportunities that allow us to expand geographically, strengthen our financial resources and increase our customer base while leveraging our unique expertise in operating as an ESG-driven bank," Priscilla Sims Brown, Amalgamated Financial's president and CEO, said in a press release Wednesday.