Amalgamated Bank of Chicago
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1922 |
| Headquarters | Chicago, IL , |
Number of locations | 2 |
Key people | Robert M. Wrobel (CEO) |
| Services | Banking |
| Revenue | US$ 54.2 million (2023) |
| $15.6 million (2023) (before taxes) | |
| Total assets | $1346 million (2023) |
| Total equity | $109.4 million (2023) |
Number of employees | 160 (2023) |
| Parent | Amalgamated Investments Company |
| Website | https://www.aboc.com/ |
The Amalgamated Bank of Chicago (ABOC) operates as a commercial financial institution headquartered in Chicago, Illinois, with a secondary branch located in Warrenville, Illinois.
Prior to November 1991, the bank was known as Amalgamated Trust & Savings Bank. In July 2024, the institution adopted the ABOC name to align with its broader expansion objectives.
In 2021, ABOC revealed intentions for acquisition by the Amalgamated Bank of New York through a $98 million transaction; however, this agreement was discontinued in early 2022 due to regulatory obstacles. Despite this setback, ABOC has suggested the possibility of resuming the acquisition discussions.
History and ownership
Established in 1922 by the Amalgamated Clothing Workers of America, the bank shares its origins with the Amalgamated Bank of New York.
Control shifted in 1966 when private investors led by Eugene P. Heytow assumed ownership of the Chicago-based bank, which retained a 5% union ownership stake.
An agreement was reached between Amalgamated Trust of Chicago and Amalgamated Bank to jointly use the registered service mark "Amalgamated Bank." Although the U.S. Trademark Office raised concerns about potential confusion among consumers, this arrangement was upheld by the U.S. Court of Appeals for the Seventh Circuit.
In 2000, Ullico Inc., an insurer focusing on union interests, announced plans to acquire the bank but ultimately withdrew from the deal in 2001.
The bank functions under the umbrella of Amalgamated Investments Company, a holding company owning a single bank.
While majority union ownership has diminished, union representation remains significant: local and international union members serve on the board, and employees are represented by the Workers United union.
In 2024, ABOC declared intentions to expand beyond its Chicago base, commencing with operations in St. Louis. The rebranding effort that removed "Chicago" from its name supports this strategic growth initiative.
Financial condition
As reported on December 31, 2023, ABOC held assets totaling $1.346 billion alongside deposits amounting to $1.172 billion.
See also
Other sources
- Foner, Philip S. History of the Labor Movement in the United States. Volume IX: The T.U.E.L. to the End of the Gompers Era. Rev. ed. New York City: International Publishers, 1991.