The Amalgamated Bank of Chicago (ABOC) is a commercial bank headquartered in
Chicago
Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...
,
Illinois
Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. It borders on Lake Michigan to its northeast, the Mississippi River to its west, and the Wabash River, Wabash and Ohio River, Ohio rivers to its ...
, 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. In July, 2024 the bank was rebranded as ABOC.
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 Indus ...
, 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.
It was found ...
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 ABOC 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 Rejoinin ...
union.
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
, the bank had $1346 million in assets and $1172 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 – Each country in Asia has a list of banks oper ...
*
List of banks in United States
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
Labor movement in Illinois
1922 establishments in Illinois