The Amalgamated Bank of Chicago (ABOC) is a commercial bank headquartered in
Chicago
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Illinois
Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. Its largest metropolitan areas include the Chicago metropolitan area, and the Metro East section, of Greater St. Louis. Other smaller metropolita ...
, 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.
ABOC announced plans to be acquired by
Amalgamated Bank of New York during 2021. 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.
History and ownership
The bank was founded in 1922 by the
Amalgamated Clothing Workers of America
Amalgamated Clothing Workers of America (ACWA) was a United States labor union known for its support for "social unionism" and progressive political causes. Led by Sidney Hillman for its first thirty years, it helped found the Congress of Ind ...
, 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.
Amalgamated Trust of Chicago and
Amalgamated Bank
Amalgamated Bank () is an American financial institution. It is the largest union-owned bank and one of the only unionized banks in the United States. Amalgamated Bank is currently majority-owned by Workers United, an SEIU Affiliate.
Founded on ...
have agreed that they may both use the registered service mark "Amalgamated 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.
In 2000,
Ullico Inc., a union-oriented insurance and investment company, announced that it would buy the bank but withdrew its request the following year.
The parent company for the Amalgamated Bank of Chicago is Amalgamated Investments Company, a one bank holding company.
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
Workers United is an American and Canadian labor union which represents about 86,000 workers in the apparel, textile, commercial laundry, distribution, food service, hospitality, fitness and non-profit industries.Greenhouse, Steve"Union Rejoini ...
union.
Financial condition
, the bank had $950 million in assets and $836 million in deposits.
See also
*
List of banks
Lists of banks are contained in the following articles:
By continent
* List of banks in Africa – Each country in Africa has a list of banks operating in that country
* List of banks in Asia – Asia has a list of banks operating in that coun ...
*
List of banks in United States
Banking in the United States began by the 1780s along with the country's founding and has developed into highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on vario ...
References
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.
External links
Amalgamated Bank of Chicago
{{DEFAULTSORT:Amalgamated Bank Of Chicago
Companies based in Chicago
Banks based in Illinois
Banks established in 1922
Banks based in Chicago