The transaction has been approved by concerned regulatory authorities.
Amalgamated Bank’s president and CEO Edward Grebow said with these investments, Amalgamated Bank’s capital comfortably exceeds the required levels established in its agreements with the New York State Department of Financial Services and the FDIC.
"Our strengthened capital base translates directly into an opportunity to continue to expand our lending capacity and to pursue the strategic initiatives that we see driving additional revenue growth. For example, we will soon launch the Amalgamated Bank MoneyCard, a nationwide, prepaid debit card that will provide a convenient and lower cost way for unbanked union members and other working people to access and manage their money," said Grebow.
WL Ross, CEO and chairman Wilbur L Ross said Amalgamated is well-positioned to meet the needs of specific segments of the population who are not well served by the major banks.
The Bank will use its stronger capital base to meet this demand.
The bank is also considering to set up an in-house, full-service home mortgage unit to provide affordable financing, which will fulfill the requirements of homebuyers in the New York metropolitan area.
