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Our story

A legacy of access, affordability and advocacy

A bank for the people is born

In 1923, famed labor organizer Sidney Hillman and the leaders of the Amalgamated Clothing Workers of America decided it was time that hardworking individuals and their families get the same access to quality and affordable banking services that big businesses and wealthy people enjoyed. That simple idea grew into a powerful credo: that the financial system should be open and accessible to all. It was from that credo that Amalgamated Bank was born.

Over the years, Amalgamated Bank pioneered new programs and financial products that provided access to banking regardless of people’s socioeconomic status. As the first bank to introduce unsecured personal loans, Amalgamated helped families finance upward mobility towards achieving the American Dream. We became the first bank to offer free checking accounts to working New Yorkers, we provided second-chance accounts to those who needed a fresh start and we created the first foreign-exchange transfer service to allow immigrants to safely send remittances to relatives abroad.

America's socially responsible bank

Founded on the tenets of affordability and accessibility in banking, Amalgamated aims to serve the greater good to this day. As America’s socially responsible bank, we have grown to support thousands of people, organizations, causes and businesses committed to improving the world we live in. Nonprofits, labor unions, advocacy groups, socially responsible businesses and others sharing a vision of positive change have all found a home in our community. Customers and clients alike know that our B Corporation certification and membership in the Global Alliance for Banking on Values mean that we hold ourselves to a higher standard when it comes to building a more equitable world. 

What happens with your money is important to you, and the decisions you make about where you shop, what you eat and how you live are made consciously and with purpose. Why should where you bank be any different? Your money should align with your values, which is why Amalgamated Bank takes more than financial criteria into account when lending and investing. We look for businesses with missions that are as strong as their books, and we refuse to invest our own dollars in funds that harm people or the planet. 

Driven by a clear mission

At Amalgamated, we don’t just have a mission; we’re on a mission: to be America’s socially responsible bank. And we will continue to grow with you—our customers and clients—to provide you with the tools and resources you need to accomplish your goals and be the change you seek in the world. As a member of our family, you can take great pride in knowing that your money is in good hands and is doing good things along the way.

Putting our mission into action

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B Corp

For 96 years, social responsibility has been embedded into our products, policies, programs, operations and mission. So two years ago when we were recognized by B Lab as a company that meets their rigorous standards for social and environmental performance, accountability and transparency, it was an important third party endorsement.

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environmental sustainability

While sitting in your living room at home, a 0.9 Fahrenheit degree increase in temperature might not send you running to crank up the air conditioner but when it comes to permanently heating the entire planet, it has the potential to cause some serious problems.