Amalgamated Bank of Chicago
# Amalgamated Bank of Chicago

The Amalgamated Bank of Chicago (ABOC) is a commercial bank headquartered in Chicago, Illinois, United States. In addition to its downtown Chicago office, the bank has a branch office in Warrenville, Illinois.

Until November 1991, the bank was known as Amalgamated Trust & Savings Bank.

ABOC announced plans to be acquired by Amalgamated Bank of New York during 2021. In early 2022 Amalgamated Financial (the New York bank's holding company) announced the $98 million acquisition plan was ended due to regulatory difficulties, but ABOC said it could still proceed.

## History and ownership

The bank was founded in 1922 by the Amalgamated Clothing Workers of America, which also started the Amalgamated Bank of New York.

In 1966, a group of private investors led by Eugene P. Heytow bought control of the Chicago bank, which was to remain 5% union-owned.

Amalgamated Trust of Chicago and Amalgamated Bank have agreed that they may both use the registered service mark "Amalgamated Bank." The U.S. Trademark Office objected to this concurrent use as likely to confuse consumers, but the U.S. Court of Appeals for the Seventh Circuit ultimately held that the Trademark Office should respect the banks' agreement.

In 2000, Ullico Inc., a union-oriented insurance and investment company, announced that it would buy the bank but withdrew its request the following year.

The parent company for the Amalgamated Bank of Chicago is Amalgamated Investments Company, a one bank holding company.

Although no longer majority-owned by a union, the bank's board of directors continues to include a number of local and international union representatives and the employees are represented by the Workers United union.

## Financial condition

As of June 2021, the bank had $950 million in assets and $836 million in deposits.

