For-profit

Amalgamated Bank of Chicago

Website:

www.aboc.com

Location:

Chicago, IL

Tax ID:

36-0721895

This article concerns the commercial bank headquartered in Chicago. For the labor-union-owned bank headquartered in New York, see Amalgamated Bank.

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

The Bank was founded by the Amalgamated Clothing Workers of America labor union (a predecessor of Unite Here and Workers United, SEIU) in 1922, but it is no longer majority union-owned. The bank continues to provide numerous services targeted to labor unions[1] and a number of union officers from the Chicago area serve on the Bank’s board of directors.[2] Amalgamated Bank of Chicago counts unions and liberal nonprofits among its clients.

On September 22, 2021. the Amalgamated Bank announced that it had entered into an agreement to acquire the Amalgamated Bank of Chicago for Approximately $98.1 million. [3] The transaction was scheduled to occur by the end of 2021. With the merging of the two banks, the Amalgamated Bank’s total assets would reportedly be expanded to $7.6 billion, solidifying its position “as the largest mission-oriented bank in the United States.” [4]

References

  1.  “Union Advantage.” Amalgamated Bank of Chicago. Accessed October 17, 2018. https://www.aboc.com/union-advantage.aspx. ^
  2.  “Board of Directors.” Amalgamated Bank of Chicago. Accessed October 17, 2018. https://www.aboc.com/board-of-directors.aspx. ^
  3. Boyce, Brendan. “Amalgamated Bank Announces Agreement to Acquire Amalgamated Bank of Chicago.” Amalgamated Bank Announces Agreement to Acquire Amalgamated Bank of Chicago | Amalgamated Bank, September 22, 2021. https://www.amalgamatedbank.com/news/amalgamated-bank-announces-agreement-to-acquire-amalgamated-bank-of-chicago. ^
  4. Boyce, Brendan. “Amalgamated Bank Announces Agreement to Acquire Amalgamated Bank of Chicago.” Amalgamated Bank Announces Agreement to Acquire Amalgamated Bank of Chicago | Amalgamated Bank, September 22, 2021. https://www.amalgamatedbank.com/news/amalgamated-bank-announces-agreement-to-acquire-amalgamated-bank-of-chicago. ^
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Amalgamated Bank of Chicago

30 N. LaSalle Street
Chicago, IL 60602