Amalgamated Bank of Chicago
{{Short description|Commercial bank}}
{{Infobox company
| name = Amalgamated Bank of Chicago
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| type = Private
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| industry = Financial services
| fate =
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| foundation = 1922
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| location_city = Chicago, IL
| location_country = United States
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| locations = 2
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| key_people = Robert M. Wrobel (CEO)
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| services = Banking
| revenue = US$ 54.2 million (2023) (net interest income + non-interest income)
| operating_income = $15.6 million (2023) (before taxes)
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| assets = $1346 million (2023)
| equity = $109.4 million (2023)
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| num_employees = 160 (2023)
| parent = Amalgamated Investments Company
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| website = https://www.aboc.com/
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}}
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.{{cite web |url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=677395 |archive-url=https://web.archive.org/web/20090814192329/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=677395 |url-status=dead |archive-date=August 14, 2009 |title=Amalgamated Bank of Chicago |publisher = Bloomberg Business Week | accessdate=2010-05-30}} In July, 2024 the bank was rebranded as ABOC.{{Cite press release |publisher=ABOC |date=July 9, 2024 |title=Amalgamated Bank of Chicago Becomes "ABOC" as Part of Major Rebranding and Expansion Effort |url=https://www.prnewswire.com/news-releases/amalgamated-bank-of-chicago-becomes-aboc-as-part-of-major-rebranding-and-expansion-effort-302192254.html |access-date=2024-07-11 |agency=PR Newswire |language=en}}
ABOC announced plans to be acquired by Amalgamated Bank of New York during 2021.{{Cite press release |date=2021-09-20 |title=Amalgamated Bank Announces Agreement to Acquire Amalgamated Bank of Chicago |url=https://www.amalgamatedbank.com/news/amalgamated-bank-announces-agreement-to-acquire-amalgamated-bank-of-chicago |access-date=2021-09-22 |publisher=Amalgamated Bank of Chicago}} 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.{{Cite news |first=David |last=Roeder |date=February 25, 2022 |title=Buyer of Chicago's Amalgamated Bank scraps deal |url=https://chicago.suntimes.com/business/2022/2/25/22951543/amalgamated-bank-chicago-sale-collapses-regulatory-approval-financial-new-york |access-date=2022-06-03 |newspaper=Chicago Sun-Times |language=en}}
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."Chicago's Amalgamated Keeps Its Union Label," American Banker. New York, N.Y.: June 21, 1994. pg. 8
Amalgamated Trust of Chicago and Amalgamated Bank have agreed that they may both use the registered service mark "Amalgamated Bank."{{cite court |litigants= Amalgamated Bank of New York v. Amalgamated Trust & Savings Bank |vol= 842 |reporter= F2d |opinion= 1270|pinpoint= |court= 7th Cir.|date= March 23, 1988|url= http://openjurist.org/842/f2d/1270/amalgamated-bank-of-new-york-v-amalgamated-trust-and-savings-bank}} 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.{{cite court |litigants= Amalgamated Bank of New York v. Amalgamated Trust & Savings Bank |vol= 842 |reporter= F2d |opinion= 1270|pinpoint= |court= 7th Cir.|date= March 23, 1988|url= http://openjurist.org/842/f2d/1270/amalgamated-bank-of-new-york-v-amalgamated-trust-and-savings-bank}}
In 2000, Ullico Inc., a union-oriented insurance and investment company, announced that it would buy the bank"Union-Connected Insurer to Buy, Expand Amalgamated of Chicago," American Banker. New York, N.Y.: Sep 1, 2000. Vol. 168, Iss. 166; pg. 3 but withdrew its request the following year.{{cite press release |author=Federal Reserve |title=Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received: No. 5, Week Ending Feb 2, 2002 |url=http://www.federalreserve.gov/releases/h2/20020202/h2.pdf |date=Feb 2002 |accessdate=2013-12-23}}
The parent company for ABOC is Amalgamated Investments Company, a one bank holding company.{{cite web |url=http://www2.fdic.gov/crapes/2008/00903_080407.pdf |title=Public Disclosure: Community Reinvestment Act Performance Evaluation, April 7, 2008 |accessdate=2010-05-29 |archive-url=https://web.archive.org/web/20110726141328/http://www2.fdic.gov/crapes/2008/00903_080407.pdf |archive-date=July 26, 2011 |url-status=dead }}
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.{{cite web |url=https://www.aboc.com/page9286.html?id=5102 |title=Amalgamated Bank: Our Union Heritage |access-date=2013-12-10 |archive-url=https://web.archive.org/web/20131213015806/https://www.aboc.com/page9286.html?id=5102 |archive-date=2013-12-13 |url-status=dead }}
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.
Financial condition
{{As of|2023|12|31|df=US}}, the bank had $1346 million in assets and $1172 million in deposits.{{cite web |url=https://banks.data.fdic.gov/bankfind-suite/bankfind/details/903 |title=Amalgamated Bank of Chicago |website=FDIC BankFind |access-date=2024-07-11 }}
See also
{{Portal|Banks}}
References
{{Reflist|2}}
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}}
External links
- [http://www.aboc.com/ Amalgamated Bank of Chicago]
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Category:Companies based in Chicago
Category:Banks based in Illinois
Category:Banks established in 1922
Category:Banks based in Chicago