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Amalgamated Financial Corp. Announces Closing of $85 Million Subordinated Notes Offering
NEW YORK, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (the “Company”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”),
About this update from Amalgamated Financial Corp.
[{"type":"text","content":"NEW YORK, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (the “Company”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced the closing of its underwritten public offering of $85,000,000 aggregate principal amount of its 3.250% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “Notes”). The Company intends to use the net proceeds from this offering for general corporate purposes, including for funding the cash consideration to be paid in the Company’s acquisition of Amalgamated Investments Company and for ongoing working capital needs. Keefe, Bruyette & Woods, A Stifel Company, acted as the sole book-running manager, and Loop Capital Markets acted as the co-manager for the Notes offering. Nelson Mullins Riley & Scarborough LLP served as legal counsel to the Company, and Squire Patton Boggs (US) LLP served as legal counsel to the underwriters. About Amalgamated Financial Corp. Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a 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 was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of September 30, 2021, the Company’s total assets were $6.9 billion, total net loans were $3.1 billion, and total deposits were $6.2 billion. Additionally, as of September 30, 2021, the Company’s trust business held $39.5 billion in assets under custody and $16.1 billion in assets under management. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. ...