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. (Nasdaq: AMAL) announced the pricing of $85 million in 3.250% Fixed-to-Floating Rate Subordinated Notes due November 15, 2031. The notes will initially accrue interest at 3.250% until November 15, 2026, then switch to a floating rate based on the Three-Month Term SOFR plus a 230 basis point spread. The offering is set to close on November 8, 2021, pending customary conditions. Proceeds will fund general corporate purposes, including the acquisition of Amalgamated Investments Company. The notes qualify as Tier 2 capital for regulatory requirements.
Amalgamated Financial Corp. (Nasdaq: AMAL) has declared a regular dividend of $0.08 per share for common stockholders. This dividend will be payable on December 1, 2021, to stockholders of record on November 19, 2021. The future dividend payments will depend on the discretion of the Board of Directors. As of September 30, 2021, the company reported total assets of $6.9 billion, total net loans of $3.1 billion, and total deposits of $6.2 billion.
Amalgamated Financial Corp. (Nasdaq: AMAL) reported a net income of $14.4 million or $0.46 per diluted share for Q3 2021, up from $10.4 million or $0.33 in Q2 2021. Deposits increased by $314.5 million to $6.2 billion, with political deposits at $1.0 billion. The bank's net interest margin decreased to 2.70%. Nonperforming assets improved to 0.99% of total assets. The company announced plans to acquire Amalgamated Bank of Chicago, expanding its assets to over $7.6 billion. Management expressed optimism regarding future growth and operational initiatives.
Amalgamated Bank announced a commitment to achieve 49% reductions in greenhouse gas emissions by 2030 and net zero emissions by 2045, five years ahead of the global deadline. As the first U.S. bank to set targets in line with the UN Net Zero Banking Alliance, the bank's detailed report outlines strategies for client engagement and new financing streams. The targets are pending validation by the Science Based Targets initiative (SBTi). A virtual panel discussion on these goals will take place on November 1, 2021.
Amalgamated Financial Corp. (Nasdaq: AMAL) will release its third quarter 2021 financial results before the market opens on October 28, 2021. A conference call will take place at 11:00 a.m. ET that day for discussion of the results. Interested participants can join by calling 1-877-407-9716. A replay will be accessible within two hours of the call's conclusion until November 4, 2021. As of June 30, 2021, Amalgamated Bank's total assets were $6.6 billion, with net loans of $3.1 billion and deposits of $5.9 billion.
Amalgamated Financial Corp. (Nasdaq: AMAL) announced the acquisition of Amalgamated Investments Company for approximately $98.1 million in an all-cash transaction. This strategic move will strengthen AMAL's position as America's largest ESG-focused bank, combining their resources to better serve socially responsible clients across the Midwest. The merger, expected to be completed by year-end 2021, will create a bank with $7.6 billion in assets and enhance operational efficiencies, risk diversification, and customer offerings.
Amalgamated Bank (Nasdaq: AMAL) has partnered with the Women’s National Basketball Players Association (WNBPA) to launch the WNBPA Social Impact Fund, aimed at promoting social justice reform in areas such as racial and gender equity, and voting rights. This unique collaboration includes player-driven content featuring WNBA stars Sue Bird, Natasha Cloud, and Elizabeth Williams discussing personal connections to social justice issues. The Fund will support organizations focused on equity and inclusion. This partnership highlights Amalgamated Bank as a socially responsible institution committed to advancing justice and equality.
On August 5, 2021, Amalgamated Financial Corp. (Nasdaq: AMAL) announced the election of Darrell Jackson to its Board of Directors. With over 30 years of experience in the financial sector, Jackson previously held leadership roles, including President and CEO. Board Chair Lynne Fox expressed confidence in Jackson's ability to bring growth strategies and innovative solutions to Amalgamated. Jackson aims to leverage his expertise to enhance business opportunities and strengthen the bank's assets. As of June 30, 2021, Amalgamated reported total assets of $6.6 billion.
Amalgamated Financial Corp. (AMAL) announced a regular dividend of $0.08 per share for common stockholders, payable on September 1, 2021 to those on record by August 18, 2021. The Board of Directors retains discretion over future dividend payments. As of June 30, 2021, the company's total assets were $6.6 billion, with $3.1 billion in net loans and $5.9 billion in total deposits. Additionally, the trust business managed $16.6 billion in assets. Amalgamated also prides itself on being a certified B Corporation.
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