Amalgamated Bank Commits $700 Million to Finance Socially Responsible Businesses
Amalgamated Bank (Nasdaq: AMAL) – which owns New Resource Bank – announced a commitment to double the amount of assets New Resource has dedicated to financing socially responsible businesses over the next two years, moving from its current commitment of $350 million to at least $700 million by 2020.
Amalgamated is proud to be able to help sustainable and socially responsible businesses by providing funding to fuel their growth and impact – whether it’s to fund new equipment needed to meet larger orders, energy upgrades to reduce operating costs and achieve higher margins or real estate loans for green businesses that are expanding.
NEW YORK — Amalgamated Bank (Nasdaq: AMAL) – which owns New Resource Bank – announced a commitment to double the amount of assets New Resource has dedicated to financing socially responsible businesses over the next two years, moving from its current commitment of $350 million to at least $700 million by 2020. This commitment, “2X Impact”, will focus on doubling the bank’s impact in four core impact areas: Environmental Protection, Health & Wellness, Education & Community Empowerment, and Sustainable Commerce.
This announcement comes on the heels of Amalgamated Bank’s acquisition of New Resource, which has enabled the combined bank to broaden its services and support for clients across the country.
As America’s socially responsible bank, Amalgamated has always been dedicated to using its resources, money, and influence to help move its customers, and society forward. Following the merger of Amalgamated and New Resource, the combined bank is able to become an even greater force for good by combining their complementary expertise, expanded balance sheet, and shared commitment to having a positive impact in the world.
Keith Mestrich, President and CEO of Amalgamated Bank, commented: “Amalgamated is proud to be able to help sustainable and socially responsible businesses by providing funding to fuel their growth and impact – whether it’s to fund new equipment needed to meet larger orders, energy upgrades to reduce operating costs and achieve higher margins or real estate loans for green businesses that are expanding. We believe that if our clients are achieving their missions, then we are achieving ours: making the world a more just, compassionate and sustainable place. We look forward to working with existing and new customers to provide them with the financing they need to grow and expand their businesses, while building a more socially and environmentally just world.”
About Amalgamated Bank
For nearly a century, Amalgamated Bank has served as America’s socially responsible bank, supporting forward-thinking organizations, companies, and individuals across the country. We are an advocate for those working to make the world more just, compassionate and sustainable. Our extensive experience, financial knowledge and community of like-minded customers offer a unique set of financial tools to customers. Amalgamated is the country’s largest B Corp® bank and a proud member of the Global Alliance for Banking on Values. We don’t just have a mission. We are on a mission: to support those who support others, to invest in progressive and impactful causes and to advocate true financial opportunity for all.
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements about the Amalgamated’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases and include statements about the amount of its future commitment to socially-responsible businesses. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. You are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in their entirety by reference to the factors discussed from time-to-time in Amalgamated’s filings with the Federal Deposit Insurance Corporation. Further, any forward-looking statement speaks only as of the date on which it is made, and Amalgamated undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.