Amalgamated Bank Announces New Business Banking Segment

Amalgamated Bank Announces New Business Banking Segment 

New segment brings relationship banking strategy and new products to small businesses 

(New York, NY; Washington, DC) June 7, 2023 - Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (NASDAQ: AMAL) and a mission-driven, full-service commercial bank that empowers organizations and individuals to advance positive social and environmental change, announced today the launch of its Business Banking segment.   

Led by Michael Madonia, the Business Banking team will partner with small business owners who share Amalgamated Bank’s vision for a more just, equitable, and prosperous society. 

“We have a dedicated team ready to meet the banking needs of values aligned small businesses,” said Michael Madonia, Senior Vice President of Business Banking. “We are excited to launch our Business Banking segment including re-vamping our small business product suite and relationship management strategy.  Amalgamated Bank’s new checking account and digital lending offerings will change the way we engage with our clients.” 

The Business Banking platform provides owners the full array of financial services that owners need to start, scale, and thrive. From checking accounts to treasury management to lines of credit, each service was designed to minimize time owners spend thinking about banking so they can maximize their time spent serving their customers. 

“Amalgamated Bank’s relationship banking model means we know we can pick up the phone and talk to our banker to find cost effective solutions that let us focus on running our business,” said Ryan Hoffman, course director of Scuba Network NYC, and of Amalgamated Bank’s small business clients. “Amalgamated Bank gave us the line of credit we needed to help with daily cash flow needs and won our trust because we know they put good business practices and people first, just like us.” 

Small business owners can learn more about Amalgamated Bank’s Small Business offerings online: www.amalgamatedbank.com/small-business-checking

About Amalgamated Bank

Amalgamated Bank, the wholly owned banking subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), is a mission-driven New York-based full-service commercial bank and a chartered trust company with a combined network of six branches in New York City, Washington D.C., San Francisco, and Boston. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Since their founding in 1923, Amalgamated Bank has used the power of banking to create impact and empower organizations and individuals to advance positive social change. Amalgamated Bank advocates alongside those working to make the world more just, compassionate, and sustainable. Amalgamated Bank is the country’s largest B Corp® bank and a proud member of the Global Alliance for Banking on Values. www.amalgamatedbank.com

Cautionary Note Regarding Forward-Looking Statements

Some of the statements in this press release are ‘‘forward-looking statements’’ within the meaning of the federal securities laws. Words and phrases such as “expect,” “plan,” “believe,” “continue,” “committed,” “will,” and variations of such words or similar expressions are intended to identify such forward-looking statements. Forward looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. We assume no duty to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Risks factors include, without limitation, adverse effects on the market price of our shares and on our operating results because of our inability to timely complete, if ever, the Business Banking described in this release; our ability to fully realize the general economic and business conditions that may affect us in connection with Business Banking; unanticipated expenses such as litigation or legal settlement expenses; changes in capital market conditions and the impact of Business Banking goals on our employees, customers and suppliers. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates, expectations or goals will be achieved. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under the section entitled “Risk Factors”, as updated in the Company’s Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (“SEC”),  and as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The foregoing list of important factors is not exclusive.