Connection Between Workers United and Amalgamated Bank

Amalgamated Bank was created by the Amalgamated Clothing Workers of America – the predecessor to Workers United – in 1923.  Today, Workers United owns over 40% of "union controlled" Amalgamated bank, and is frequently described as its majority owner given its unique control of the bank. Workers United’s common stock majority stake allows them to nominate the Chair of the Board of Directors, as well as four additional board members.

Top officials at Workers United also hold leadership positions at Amalgamated Bank.

Amalgamated Bank reported investments to the SEC of 9,930,216 shares of fossil fuel-based companies worth over $700 million according to the Dec. 31, 2022, 13F-HR.

Amalgamated Bank has SEC-reported investments of thousands of shares of the two largest private prison operators in the country: CoreCivic and GEO Group. The Bank reports investments to the SEC of 108,166 shares of private prison stocks worth over $1 million according to the Dec. 31, 2022, 13F-HR.

GEO Group and CoreCivic hold a significant number of immigrants awaiting deportation. Both companies have also been accused of profiting from former President Trump’s family separation policy.

In 2019, major banks – including Wells Fargo, SunTrust, Bank of America, BNP Paribas, Barclays and Fifth Third Bank Corp – announced they would stop financing private prison companies after reports of abusive and dangerous conditions in for-profit prisons and detention centers spurred public condemnation.

Amalgamated Bank reported investments to the SEC in Cadre Holdings and Axon Enterprise. Cadre Holdings is a company that provides tear gas and other crowd control measures to police officers around the United States. Products by Cadre Holdings subsidiary, Safariland/Defense Technology, have allegedly been used on protesters in Ferguson, MO. Axon Enterprise supplies law enforcement officials around the country with tasers and other equipment.

Amalgamated Bank has SEC-reported investments of 54,627 shares of crowd control companies worth over $8 million according to the Dec. 31, 2022, 13F-HR.

Amalgamated Bank reported investments to the SEC in several gun and ammunition manufacturers, including Smith & Wesson, Sturm Ruger, The Olin Corporation, and Ammo Inc.

The Bank reports investments to the SEC of 139,626 shares of Guns and Ammunition stock worth over $6 million according to the Dec. 31, 2022, 13F-HR.

Amalgamated Bank reports investments to the SEC of 872,066 shares of tobacco stocks worth over $60 million as of December 31, 2022.

Two Times More Likely to Deny Black Applicants for Mortgages vs. White Applicants

BLACK HMDA DENIAL RATES

WHITE HMDA DENIAL RATES

Poor Track Record on Mortgage Loans to Low-Income Borrowers

New York/New Jersey Metro Area

In 2011, 2012, and 2013, Amalgamated Bank failed to report any loans to low-income borrowers according to New York State's Community Reinvestment Act Performance Evaluation.

In 2013 and 2017, the evaluation rated Amalgamated Bank’s lending to low-and moderate-income borrowers as “Need to Improve.”

In 2018, Amalgamated Bank was assessed by the to have below-average lending to low- and moderate-income borrowers.

Washington DC Metro Area

In 2010, Amalgamated Bank only originated two 1-4 family loans and they were both to upper- income borrowers in the region.

In 2018, 2019, and 2020, Amalgamated Bank did not originate a single 1-4 family home mortgage loan to low-income borrowers in the region.

California

In 2014, Amalgamated Bank’s lending was rated as “substantial noncompliance” for failing to lend to low-income borrowers.

In 2018, 2019, and 2020, Amalgamated Bank failed to originate any 1-4 family loans among low- income borrowers.

Nevada

In 2014, Amalgamated Bank’s Nevada lending was deemed to be of “substantial noncompliance” for poor lending to low-and moderate-income borrowers.

Branch Closings and Poor Service to Low-Income Communities

Amalgamated Bank has shuttered locations in low-income or underserved communities and has been criticized for only having branches and ATMs in upper-income areas. This behavior led to a protest in a West Bronx neighborhood in New York City after Amalgamated closed its only branch in the area.