Amalgamated Bank Completes Merger with New Resource Bank

NEW YORK, May 21, 2018 (GLOBE NEWSWIRE) -- Amalgamated Bank (“Amalgamated”), America’s socially responsible bank, today announced it has completed its merger with New Resource Bank (“New Resource”). Based on each bank’s financial statements as of March 31, 2018, the combined bank will have assets of approximately $4.5 billion. The combined assets under custody and management will be $41.0 billion.

Through this combination, Amalgamated grows its position as the largest socially responsible bank in the U.S. The combined bank will offer an expansion in products and services, greater geographic scope, and increased financial resources which will together enhance the experience for customers, communities, and employees. The combined bank’s geographic presence links New York and Washington, D.C. to the western U.S., including the San Francisco Bay Area and Boulder, Colorado.

Keith Mestrich, President and CEO of Amalgamated, commented, “This is an exciting step towards building a platform for a nationwide, socially responsible bank that can serve the interests of individuals and organizations working to make a positive difference in our society. With our expanded geographic presence, strong financial foundation, and commitment to social good, combined with New Resource’s knowledge and commitment to sustainable operations, Amalgamated is poised for continued growth and success. We look forward to being able to serve additional communities and customers who want to spend, save, and invest their money with a bank that understands and shares their values.”

As part of the merger agreement, New Resource’s parent, New Resource Bancorp, merged with New Resource.  Thereafter, New Resource merged with and into Amalgamated. Amalgamated also announced that Mark A. Finser, former Chairman of New Resource, has joined the Amalgamated board while the remaining members of the New Resource board will serve on its Strategic Advisory Board.

About Amalgamated Bank
For nearly a century, Amalgamated has served as America’s socially responsible bank, supporting forward-thinking organizations, companies, and individuals across the country. We are an advocate for those working to make the world more just, compassionate and sustainable. Our extensive experience, financial knowledge and community of like-minded customers offer a unique set of financial tools to customers. Amalgamated is the country’s largest certified B Corp bank and a proud member of the Global Alliance for Banking on Values. We do not just have a mission—we are on a mission: to support those who support others, to invest in progressive and impactful causes and to advocate true financial opportunity for all.

This news release 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; 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 news release are based on information available at the time of this release. Neither Amalgamated nor New Resource assumes any obligation to update any forward-looking statement.

Media Contact:
Kaye Verville
The Levinson Group