Boy and dog on path
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Boy and dog on path
Boy and dog on path
Photo of Keith Mestrich

Keith Mestrich

Former President & CEO

Last week we did something for the first time in our 94 year history; we entered into an agreement to acquire another bank. I am thrilled to soon officially welcome New Resource Bank into the Amalgamated family.

For those that don’t know their background, New Resource Bank is a very unique financial institution in San Francisco, with deep expertise in sustainability issues and a powerful network of clients in the clean energy, green real estate, and organic products industries. They are a founding member of the Global Alliance for Banking on Values and, like Amalgamated, a Certified B Corporation.

There are near countless reasons why I am excited by this venture. The first is the opportunity it affords us to grow. The combined bank will enable us to build a platform for a nationwide, values-based financial institution that can serve the interests of changemakers: the people, companies and organizations dedicated to creating a better world. We’ve seen this mission-based model work in Europe with Triodos Bank and in Canada with VanCity.

Secondly, part of our long-term plan has been to expand our products and services to markets in new parts of the country. Acquiring New Resource Bank is a significant step on that journey and gives us an immediate foothold in the San Francisco Bay Area, a key progressive market. This expansion will put Amalgamated in three of the most progressive cities in the U.S.

A third reason relates to our internal culture. New Resource is a mission-based bank serving values-based businesses and non-profits that are building a more sustainable world. This is a perfect cultural fit between like-minded banks. As mission-driven institutions, our clients, customers and employees care deeply about creating a more just, compassionate and sustainable society. This transaction will enable our two entities to combine cultures seamlessly to deliver extraordinary value, targeted products, and best-in-class service to our customers and clients.

Fourth, by taking advantage of our combined strengths, our future earnings potential is substantially stronger. This acquisition will enable us to develop and promote new products and services to further benefit communities nationwide. New Resource Bank brings credit talent, client relationships and experience which, combined with Amalgamated’s higher credit limit, will allow the combined bank to offer considerably larger loans to individuals and organizations than New Resource could offer previously. We are particularly eager to expand our work with companies focused on sustainability efforts and looking for creative lending solutions.

With this great opportunity before us, we can create a bank that truly serves the needs of the broad changemaking community. It offers unlimited potential to deliver on our unique brand promise of giving everyday people a real voice in our nation’s economic future, developing the financial infrastructure to give back (and providing others with the means to give back) to the causes that have a real impact on people’s lives, and emerging as the go-to financial resource and partner for people and organizations who want to make meaningful, positive change in our society. I can’t wait to get started.

This communication contains certain forward-looking statements, including certain plans, expectations, goals, and projections, and including statements about the potential benefits of the merger between Amalgamated and New Resource, which are subject to numerous assumptions, risks, and uncertainties. Forward-looking statements are generally identifiable by the use of words such as “will, “ “believe,” “expect,” “anticipate,” “should,” “could,” “would,” “plans,” “intend,” “project,” “estimate,” “goals,” “forecast,” “may” or similar expressions. Actual results could differ materially from those anticipated by such forward-looking statements as a result of a variety of risks, uncertainties and other factors including, without limitation: the businesses of Amalgamated and New Resource may not be integrated successfully or such integration may take longer to accomplish than expected; the expected cost savings and any revenue synergies from the merger may not be fully realized within the expected timeframes or at all; disruption from the merger may make it more difficult to maintain relationships with clients, associates, or suppliers; the required governmental approvals of the merger may not be obtained on the anticipated proposed terms and schedule or at all; New Resource shareholders may not approve the merger; changes in economic conditions; movements in interest rates; competitive pressures on product pricing, services and customer acquisition and retention; the degree of success and the timing of various business strategies; the nature, extent, and timing of governmental actions and reforms; and extended disruption of vital infrastructure. All forward-looking statements included in this communication are based on information available at the time of this communication. Neither Amalgamated nor New Resource assumes any obligation to update any forward-looking statement.

In connection with the merger, New Resource will mail the final proxy statement/offering circular to its shareholders. BEFORE MAKING ANY INVESTMENT OR VOTING DECISION, NEW RESOURCE SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT/ OFFERING CIRCULAR REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. Copies of the proxy statement/offering circular can be obtained, without charge, by directing a request to New Resource Bank, 255 California Street, Suite 600, San Francisco, CA, 94111, Attention: Stephen A. Rossi.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such jurisdiction.