Amalgamated Bank of Chicago

Amalgamated Bank of Chicago
Company typePrivate
IndustryFinancial services
Founded1922
Headquarters
Chicago, IL
,
United States
Number of locations
2
Key people
Robert M. Wrobel (CEO)
ServicesBanking
RevenueUS$ 54.2 million (2023)[1] (net interest income + non-interest income)
$15.6 million (2023) (before taxes)
Total assets$1346 million (2023)
Total equity$109.4 million (2023)
Number of employees
160 (2023)
ParentAmalgamated Investments Company
Websitehttps://www.aboc.com/

The Amalgamated Bank of Chicago (ABOC) is a commercial bank headquartered in Chicago, Illinois, United States. In addition to its downtown Chicago office, the bank has a branch office in Warrenville, Illinois.

Until November 1991, the bank was known as Amalgamated Trust & Savings Bank.[2] In July, 2024 the bank was rebranded as ABOC.[3]

ABOC announced plans to be acquired by Amalgamated Bank of New York during 2021.[4] In early 2022 Amalgamated Financial (the New York bank's holding company) announced the $98 million acquisition plan was ended due to regulatory difficulties, but ABOC said it could still proceed.[5]

History and ownership

The bank was founded in 1922 by the Amalgamated Clothing Workers of America, which also started the Amalgamated Bank of New York.

In 1966, a group of private investors led by Eugene P. Heytow bought control of the Chicago bank, which was to remain 5% union-owned.[6]

Amalgamated Trust of Chicago and Amalgamated Bank have agreed that they may both use the registered service mark "Amalgamated Bank."[7] The U.S. Trademark Office objected to this concurrent use as likely to confuse consumers, but the U.S. Court of Appeals for the Seventh Circuit ultimately held that the Trademark Office should respect the banks' agreement.[8]

In 2000, Ullico Inc., a union-oriented insurance and investment company, announced that it would buy the bank[9] but withdrew its request the following year.[10]

The parent company for ABOC is Amalgamated Investments Company, a one bank holding company.[11]

Although no longer majority-owned by a union, the bank's board of directors continues to include a number of local and international union representatives and the employees are represented by the Workers United union.[12]

In 2024 ABOC announced plans to expand outside of the Chicago area, starting with St. Louis. Removing "Chicago" from the name when rebranding to ABOC facilitated this expansion.[3]

Financial condition

As of December 31, 2023, the bank had $1346 million in assets and $1172 million in deposits.[1]

See also

References

  1. ^ a b "Amalgamated Bank of Chicago". FDIC BankFind. Retrieved 2024-07-11.
  2. ^ "Amalgamated Bank of Chicago". Bloomberg Business Week. Archived from the original on August 14, 2009. Retrieved 2010-05-30.
  3. ^ a b "Amalgamated Bank of Chicago Becomes "ABOC" as Part of Major Rebranding and Expansion Effort" (Press release). ABOC. PR Newswire. July 9, 2024. Retrieved 2024-07-11.
  4. ^ "Amalgamated Bank Announces Agreement to Acquire Amalgamated Bank of Chicago" (Press release). Amalgamated Bank of Chicago. 2021-09-20. Retrieved 2021-09-22.
  5. ^ Roeder, David (February 25, 2022). "Buyer of Chicago's Amalgamated Bank scraps deal". Chicago Sun-Times. Retrieved 2022-06-03.
  6. ^ "Chicago's Amalgamated Keeps Its Union Label," American Banker. New York, N.Y.: June 21, 1994. pg. 8
  7. ^ Amalgamated Bank of New York v. Amalgamated Trust & Savings Bank, 842 F2d 1270 (7th Cir. March 23, 1988).
  8. ^ Amalgamated Bank of New York v. Amalgamated Trust & Savings Bank, 842 F2d 1270 (7th Cir. March 23, 1988).
  9. ^ "Union-Connected Insurer to Buy, Expand Amalgamated of Chicago," American Banker. New York, N.Y.: Sep 1, 2000. Vol. 168, Iss. 166; pg. 3
  10. ^ Federal Reserve (Feb 2002). "Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received: No. 5, Week Ending Feb 2, 2002" (PDF) (Press release). Retrieved 2013-12-23.
  11. ^ "Public Disclosure: Community Reinvestment Act Performance Evaluation, April 7, 2008" (PDF). Archived from the original (PDF) on July 26, 2011. Retrieved 2010-05-29.
  12. ^ "Amalgamated Bank: Our Union Heritage". Archived from the original on 2013-12-13. Retrieved 2013-12-10.

Other sources

  • Foner, Philip S. History of the Labor Movement in the United States. Volume IX: The T.U.E.L. to the End of the Gompers Era. Rev. ed. New York City: International Publishers, 1991. ISBN 0-7178-0673-1