Welcome to our dedicated page for Amalgamated Financial news (Ticker: AMAL), a resource for investors and traders seeking the latest updates and insights on Amalgamated Financial stock.
Amalgamated Financial Corp. Common Stock (DE) (symbol: AMAL) is a distinguished financial institution with a legacy spanning nearly a century. Established in 1923 by the Amalgamated Clothing Workers of America, it has grown into a trusted bank holding company, providing comprehensive commercial banking and trust services nationally through its wholly-owned subsidiary, Amalgamated Bank. Headquartered in New York City, Amalgamated Bank operates five branches across New York City, Washington D.C., and San Francisco, along with a commercial office in Boston.
As a full-service commercial bank and chartered trust company, Amalgamated Financial Corp. offers a wide array of financial products and services to both commercial and retail customers. This includes commercial banking, investment management, and trust and custody services. The company has a particular focus on supporting progressive organizations and individuals who work towards creating a more just, compassionate, and sustainable world.
Amalgamated Financial Corp. is well-regarded for its unique financial services tailored to labor unions, philanthropies, political campaigns, socially and environmentally responsible corporations, and individuals. It is a proud member of the Global Alliance for Banking on Values and a certified B Corporation®. As of December 31, 2023, the company reported total assets of $8.0 billion, total net loans of $4.3 billion, and total deposits of $7.0 billion. Additionally, its trust business held $41.7 billion in assets under custody and $14.8 billion in assets under management.
Amalgamated Financial Corp. has shown strong financial performance, with a Common Equity Tier 1 Capital Ratio of 13.68% and a Return on Average Assets of 1.36% as of March 31, 2024. Recent achievements include a 50% increase in its quarterly dividend and an ongoing commitment to investing in Residential Property Assessed Clean Energy (R-PACE) assessments through a partnership with Home Run Finance (HRF).
News highlights include their announcement of a regular dividend of $0.15 per share, payable on May 8, 2024, and their financial results for the first quarter of 2024, reporting a net income of $27.2 million. The company continues to show resilience and progress in the financial industry, driven by its strong commitment to social responsibility and exemplary financial practices.
Amalgamated Financial Corp. announced the completion of three community solar projects in Oregon, with three more expected by Q3 2024. The company financed the developments with a $25 million construction term facility to SolRiver Capital. The projects will be sold to a tax equity partnership, supporting the Oregon Community Solar Program.
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