Amalgamated Bank of Chicago Profile and Insights

Amalgamated Bank of Chicago is a community bank that has been serving the Greater Chicago area for over 100 years. It was founded in 1923 by a group of socialists who wanted to create a bank that would serve the needs of working-class people.

The bank's headquarters is located in the heart of Chicago, and it has a strong commitment to community development and social responsibility. Amalgamated Bank of Chicago has a long history of supporting local businesses and organizations that benefit the community.

One of the bank's core values is to provide personalized service to its customers. Amalgamated Bank of Chicago has a small branch network, which allows it to build strong relationships with its customers and understand their unique financial needs.

The Amalgamated Bank of Chicago has a rich history, established on June 30, 1922.

The bank is a commercial bank, state charter, Fed non-member, and is supervised by the Federal Deposit Insurance Corporation (FDIC). This means that customer deposits are insured up to $250,000.

The bank has a relatively small number of offices, with only 2 domestic offices.

Here's a breakdown of the bank's offices:

The bank employs 156 people, who work hard to provide banking services to the community. The bank is not directly owned by another bank, and it is not a mutual bank either.

The bank is classified as a community bank, which means it focuses on serving the local community. The bank's ZIP code is 60602, and it is located in the city of Chicago, Illinois.

Amalgamated Bank of Chicago boasts total assets of $1,427,519k, showcasing its substantial scale and influential market presence.

The bank's total liabilities stand at $1,305,269k, and its total equity capital is $122,250k, providing valuable insights into its financial structure and stability.

A comprehensive breakdown of the bank's financials reveals a total of $1,243,586k in deposits, with net loans and leases amounting to $749k.

The Tier 1 Risk-Based Capital Ratio stands at 14.9871, indicating a strong capital adequacy and risk management strategy.

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Return on Assets is 1.05, providing a clear picture of the bank's profitability.

The bank's income and expense components are meticulously analyzed, offering a detailed understanding of its financial performance.

This financial overview is designed to enhance your understanding of Amalgamated Bank of Chicago's performance and competitive positioning within the financial industry.

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Amalgamated Bank of Chicago has a strong leadership team, with Timothy Clifford serving as the SVP, Chief Financial Officer.

Nick Weaver is the new president and chief operating officer of the bank, bringing a 23-year track record of strong leadership in banking to the role.

Weaver rejoined the bank in September 2023 as executive vice president and chief operating officer, and will be instrumental in accelerating the bank's growth.

The bank has a relatively small workforce, with 122 people employed at Amalgamated Bank of Chicago.

James T. Landenberger, the previous president and chief operating officer, stepped down after over 30 years of dedicated service to the bank, but will remain on the Board of Directors upon his retirement.

Amalgamated Bank of Chicago offers a range of banking services that cater to diverse needs. They serve a variety of industries, including retail, healthcare, manufacturing, and non-profit organizations.

Their tailored banking solutions ensure clients receive the support and resources necessary for financial success. This is evident in their commercial and consumer banking solutions.

Applying for a credit card with Amalgamated Bank of Chicago is a straightforward process. You can visit their website and navigate to the credit card section to find detailed information about their credit card offerings.

Their deposit products include savings accounts, checking accounts, money market accounts, and certificates of deposit (CDs). Each product comes with competitive interest rates and features that cater to different financial goals.

To access your account online, you need to visit their website and click on the 'Online Banking' option.

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As you navigate the world of leadership and employment, it's essential to understand the hierarchy of roles within an organization. Timothy Clifford is the SVP, Chief Financial Officer of Amalgamated Bank of Chicago.

The position of SVP, Chief Financial Officer is a crucial one, overseeing the financial health of the company. This role is responsible for managing the company's finances, making strategic financial decisions, and ensuring the company's financial stability.

In the case of Amalgamated Bank of Chicago, Timothy Clifford holds this position, bringing his expertise and experience to the table.

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Nick Weaver has been appointed as the new president and chief operating officer of Amalgamated Bank of Chicago.

He rejoined the bank in September 2023 as executive vice president and chief operating officer, bringing with him a 23-year track record of strong leadership in banking.

Weaver has previously worked at MB Financial and Old Second National Bank, showcasing his ability to lead and inspire teams.

Nick's leadership will be instrumental in accelerating ABOC's growth, both internally by fostering a culture of collaboration, and externally by building stronger relationships with customers.

He succeeds James T. Landenberger, who is stepping down after over 30 years of dedicated service to the bank.

At Amalgamated Bank of Chicago, a relatively small team of 122 people is employed.

Leadership roles often require a significant amount of time and attention, but it's clear that some banks can operate effectively with a small staff.

The number of employees at Amalgamated Bank of Chicago is a notable exception to the typical large staffs found at many financial institutions.

Amalgamated Bank of Chicago has several NAICS codes, which are used for classification and identification purposes. The NAICS codes for Amalgamated Bank of Chicago are 522, 52, 522110, 5221, and 52211.

These codes are used to categorize businesses like Amalgamated Bank of Chicago based on their industry and type of business. NAICS codes are often used for regulatory and statistical purposes.

The specific NAICS codes for Amalgamated Bank of Chicago indicate that it operates in the finance and insurance sector.

The NAICS code is a crucial piece of information for businesses and organizations. It's a six-digit code that classifies industries and businesses according to their primary business activity.

The NAICS code for Amalgamated Bank of Chicago is 522110, which is a specific code that identifies the bank's industry as a commercial bank, national.

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The SIC code is a four-digit number used to classify businesses by industry. It's often used for regulatory and statistical purposes.

For example, the SIC code for Amalgamated Bank of Chicago is 602, with an additional classification of 60. This classification system helps organizations understand the industry and activities of a particular business.

The SIC code is an important tool for businesses to identify their place within the economy. It's also used by government agencies to track economic trends and make informed policy decisions.

In some cases, a business may have multiple SIC codes, as seen with Amalgamated Bank of Chicago, which has codes 602 and 60. This can reflect the complexity of modern businesses, which often operate in multiple sectors.

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Amalgamated Bank of Chicago has a new name: ABOC. The bank's asset value is $1.1 billion.

The bank is planning to expand into new markets, starting with St. Louis. This marks a significant move for ABOC as it looks to grow and offer its services to a wider audience.

ABOC serves nonprofit organizations and unions in the Chicago area. The bank is working to attract new union customers in St. Louis, serving them remotely.

Nick Weaver, ABOC president and chief operating officer, sees the rebranding as an opportunity to re-energize the bank and position it for future growth. Weaver believes ABOC is well-positioned to compete in an increasingly crowded financial services industry.

The bank has expanded its union-tailored treasury management tools, trust and investment services, as well as personal banking. This is part of ABOC's growth-oriented approach.

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