Amalgamated Financial Corp. (NASDAQ: AMAL) is a commercial banking company that operates Amalgamated Bank, a full-service bank founded in 1923 and headquartered in New York. The company makes money through net interest income on loans and deposits, trust and custody fees, and investment management services. As of December 31, 2025, total assets were $8.87 billion, total loans net of deferred fees and allowance were $4.90 billion, total deposits were $7.95 billion, and stockholders' equity was $794.5 million. The trust business held $38.63 billion in assets under custody and $16.63 billion in assets under management as of December 31, 2025. Workers United, an affiliate of the Service Employees International Union, held approximately 38% of the company's equity as of December 31, 2025. AMAL competes in retail banking, commercial lending, and investment management against regional banks, non-bank mortgage companies, and large custodial institutions including State Street, BNY Mellon, US Bank, Regions Bank, M&T Bank, BlackRock, and Vanguard.

Revenue model

Net interest income from a loan portfolio composed of commercial and industrial loans, multifamily, and commercial real estate loans, supplemented by fees from trust custody services ($38.63 billion assets under custody as of December 31, 2025) and investment management ($16.63 billion assets under management as of December 31, 2025). The deposit base, sourced from mission-aligned customers including labor unions, nonprofits, and political organizations, historically provides low-cost core deposits.

Products and services

Commercial and industrial lending, multifamily and commercial real estate loans, affordable housing construction financing, bridge financing guaranteed by philanthropic grants, owner-occupied union facility loans, retail banking deposits, Property Assessed Clean Energy (PACE) assessment securities, trust and custody services, and active and passive investment management products.

Customers and end markets

Target customer base includes labor unions, nonprofits, political organizations, and mission-aligned commercial borrowers. The bank describes this base as a historically stable source of low-cost core deposits with generally limited credit needs. Retail banking customers are served through deposit accounts and consumer lending.

Value-chain role

Direct lender and deposit-taker operating as a regulated commercial bank. The bank underwrites loans on its own balance sheet across commercial, multifamily, and real estate segments, and provides custody and investment management services to institutional clients.

Geographic exposure

Incorporated in Delaware; Amalgamated Bank founded in New York. The 10-K references market areas consistent with a regional bank presence, though specific branch counts or states are not detailed in the available excerpts.

Competitors

State Street, BNY Mellon, US Bank, Regions Bank, M&T Bank, BlackRock, Vanguard, non-bank mortgage companies

Source: SEC 10-K, filed 2026-03-05

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