Amalgamated Bank Completes $120 Million IPO

August 13, 2018

Workers United and certain of its affiliates and funds affiliated with WL Ross & Co. LLC and The Yucaipa Companies, LLC completed the sale of 7.7 million shares, including 1.0 million shares purchased upon exercise of the underwriters' option, of Class A common stock of Amalgamated Bank in its initial public offering at a price to the public of $15.50 per share, for a total offering size of $120 million. The offering was exempt from registration pursuant to Section 3(a)(2) of the Securities Act. Amalgamated now trades on the NASDAQ Global Market beginning on August 9 under the symbol AMAL. S&C represented the underwriters in the offering, led by Barclays Capital Inc. and J.P. Morgan Securities LLC as joint bookrunning managers.
 
Amalgamated Bank is a New York State chartered commercial bank and trust company with a combined network of 14 branches in New York City, Washington, D.C., and San Francisco, and a presence in Pasadena and Boulder. Amalgamated was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country's oldest labor unions. Amalgamated provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers.
 
The S&C team that advised the underwriters was led by Catherine Clarkin and Andrew Gerlach, along with John Miller, Korey Inglin and James Simpson. Jeffrey Hochberg, Saul Brander and Minkeun Woo advised on tax matters. Rebecca Coccaro advised on executive compensation and benefits matters. Precious Nwankwo advised on ERISA matters. Tracey Russell advised on FINRA matters.