Amalgamated Financial Corp.

Overview

• Delaware public benefit corporation; holding company for Amalgamated Bank.
• Registered as a bank holding company with the Federal Reserve under the Bank Holding Company Act.
• Formed August 25, 2020. On March 1, 2021, the Company completed a reorganization and acquired Amalgamated Bank, which became the Company’s sole subsidiary.
• Market position: markets itself as “America’s Socially Responsible Bank,” focused on impact banking and mission-aligned lending and deposit relationships.
• Corporate responsibility and ESG: 100-year heritage with labor unions; B Corporation certification; disclosed net-zero and climate targets; emphasis on climate finance and social-impact investing.

Business model and offerings

• Core business: full-service commercial bank providing:
  • Commercial and retail banking products
  • Trust, custody, and investment management services
  • Lending (commercial & industrial, commercial real estate, multifamily, residential real estate, solar/green projects)
  • Investment products for wealth and retail clients via a third-party broker-dealer
• Target clients: mission-driven organizations and individuals, including advocacy-based nonprofits, labor unions, foundations, socially responsible businesses, political organizations, and political committees.
• Trust and investment management:
  • Institutional focus with custody and investment management services
  • In-house LongView family of funds; proxy voting and shareholder advocacy
  • Invesco serves as principal investment sub-adviser
• Geography and footprint:
  • Primary markets: New York City, Washington, D.C., San Francisco
  • Boston: one commercial office
  • Corporate headquarters: New York City
  • Branch network: three NYC branches; one DC branch; one SF branch
• Growth strategy:
  • Deposit-led organic growth
  • Geographic expansion into large metropolitan areas
  • Integration of trust and investment management with lending
  • Marketing services agreement with Embrace Home Loans (beginning February 2026) to refer residential loan customers
• Notable product lines:
  • Real estate lending: residential one-to-four family, multifamily, CRE, rent-stabilized New York properties
  • Commercial and industrial lending; solar and renewable energy finance
  • PACE financing (residential and commercial)
  • Deposit products: checking, savings, money market, certificates of deposit
  • Online banking, cash management, branch and ATM services
  • Investment products: index and actively managed funds; custody services
• Key partnerships:
  • Invesco as primary investment sub-adviser (Invesco >$2.17 trillion AUM as of Dec 2025)
  • Embrace Home Loans for residential loan referrals (marketing services agreement in 2026)

Key financial and operational metrics (as of December 31, 2025)

• Employees: 450
  • Approximately 21% covered by collective bargaining agreements
  • Workforce diversity: ~55% women; women hold 16 of 42 senior management positions
  • Majorities and representation: ~63% of employees identify as minorities; minorities hold 40% of senior management positions
  • Board composition: 7 women, 5 racially/ethnically diverse members, 1 LGBTQ+ member
• Deposits
  • Total on-balance-sheet deposits: $7.95 billion
  • Core deposits: $7.75 billion (97% of total deposits)
  • Core deposit breakdown: $3.23 billion in checking; $4.51 billion in other liquid deposits (money market, savings, passbook); $203.2 million in CDs (including $0.2 million brokered deposits)
  • Deposits from political campaigns, PACs, and state/national party committees: $1.73 billion (19% of total on-balance-sheet deposits)
• Lending and credit
  • Residential one-to-four family loans emphasized; purchased portfolios represent 2.5% of total assets
  • Multifamily loans: $1.64 billion total; New York exposure about $1.01 billion; ~81% of New York multifamily loans are rent-regulated
  • Commercial real estate loans: 7.3% of the loan portfolio
  • LTVs: multifamily average ~56%; CRE average ~45%
  • Credit risk management: underwriting controls, periodic risk reviews, independent credit reviews, and concentration monitoring
  • Allowance for credit losses (ACL): $57.6 million (about 1.16% of total loans)
• Securities and PACE
  • Securities portfolio: 38.7% of total interest-earning assets; weighted average yield 4.87%; weighted average life 5.6 years
  • Available-for-sale securities: 53.4% of securities
  • PACE financing: commercial PACE assets $327.4 million; residential PACE assets $953.2 million; total PACE assets $1.2806 billion; added $197.8 million in PACE assets during 2025
  • PACE loans/assessments are generally pari passu with tax liens and senior to mortgage debt
• Trust and investment management
  • Assets under custody (AUC): $38.63 billion
  • Assets under management (AUM): $16.63 billion
  • Custody accounts: over 1,000
  • Investment management accounts: approximately 500
  • Investment and trust fees: $16.2 million (2025); $15.2 million (2024)

ESG and climate

• Net-zero targets disclosed with an operational emissions target for 2030 and loan-portfolio emissions targets
• Greenhouse gas reporting aligned with the Greenhouse Gas Protocol
• Climate risk management integrated into enterprise risk management

Capital, liquidity, and regulatory context

• Capital framework: operates within Basel III standards and capital conservation buffer; elected opt-out of certain AOCI treatment; reported well-capitalized status as of December 31, 2025
• Source of strength: Federal Reserve expectations for parent support of the subsidiary bank
• Regulation and supervision: Amalgamated Bank supervised by the New York Department of Financial Services (primary regulator) and the FDIC (primary federal regulator)
• Dividend policy: dividend distributions subject to regulatory approvals and capital considerations
• Consumer and community regulation: subject to CRA, ECOA, FHA, UDAAP considerations and an evolving regulatory environment

Subsidiaries and corporate structure

• Primary operating subsidiary: Amalgamated Bank
• AREMCO: former consolidated REIT subsidiary; liquidating plan approved; dissolution expected in 2026
• Other minor subsidiaries include entities holding real estate owned
• Related-party holdings: approximately 38% of common stock held by Workers United–related parties as of December 31, 2025; governance and rights agreements are in place

Revenue detail (select)

• Investment and trust fees: $16.2 million (2025); $15.2 million (2024)

If you want this condensed into a one-page executive summary or focused on a specific area (lending, trust services, or ESG), I can prepare that.