Amalgamated Bank of Chicago

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The Amalgamated Bank of Chicago is a commercial bank headquartered in Chicago, Illinois. 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.[1]

History and Ownership[edit]

The bank was founded in 1922 by the Amalgamated Clothing Workers of America, 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.[2]

Amalgamated Trust of Chicago and Amalgamated Bank have agreed that they may both use the registered service mark "Amalgamated Bank." [3] 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.[4]

In 2000, Ullico Inc., a union-oriented insurance and investment company, announced that it would buy the bank[5] but withdrew its request the following year.[6]

The parent company for the Amalgamated Bank of Chicago is Amalgamated Investments Company, a one bank holding company.[7]

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 UNITE HERE union.[8]

Financial Condition[edit]

As of March 2010, the bank had more than $750 million in assets, and managed more than $7 billion in pension funds.[9]

References[edit]

  1. ^ "Amalgamated Bank of Chicago". Bloomberg Business Week. Retrieved 2010-05-30. 
  2. ^ "Chicago's Amalgamated Keeps Its Union Label," American Banker. New York, N.Y.: June 21, 1994. pg. 8
  3. ^ Amalgamated Bank of New York v. Amalgamated Trust & Savings Bank, 842 F2d 1270 (7th Cir. March 23, 1988).
  4. ^ Amalgamated Bank of New York v. Amalgamated Trust & Savings Bank, 842 F2d 1270 (7th Cir. March 23, 1988).
  5. ^ "Union-Connected Insurer to Buy, Expand Amalgamated of Chicago," American Banker. New York, N.Y.: Sep 1, 2000. Vol. 168, Iss. 166; pg. 3
  6. ^ Federal Reserve (Feb 2002). "Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received: No. 5, Week Ending Feb 2, 2002" (Press release). Retrieved 2013-12-23. 
  7. ^ "Public Disclosure: Community Reinvestment Act Performance Evaluation, April 7, 2008". Retrieved 2010-05-29. 
  8. ^ "Amalgamated Bank: Our Union Heritage". Retrieved 2013-12-10. 
  9. ^ "FDIC Bank Holding Company Information". Retrieved 2010-05-29. 

Other sources[edit]

  • 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. ISBN 0-7178-0673-1

External links[edit]