Amalgamated Bank of Chicago
Encyclopedia
The Amalgamated Bank of Chicago is a commercial bank headquartered in Chicago
, Illinois
. 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.
, 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.
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.
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
, Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
. In addition to its downtown Chicago office, the bank has a branch office in Warrenville
Warrenville, Illinois
Warrenville is a city in DuPage County, Illinois, United States. The population was 13,363 at the 2000 census. It is a part of the Chicago metropolitan area and the Illinois Technology and Research Corridor.-History:...
, Illinois.
Until November 1991, the bank was known as Amalgamated Trust & Savings Bank.
History and Ownership
The bank was founded in 1922 by the Amalgamated Clothing Workers of AmericaAmalgamated Clothing Workers of America
The Amalgamated Clothing Workers of America was a United States labor union known for its support for "social unionism" and progressive political causes. Led by Sidney Hillman for its first thirty years, it helped found the Congress of Industrial Organizations...
, which also started the Amalgamated Bank of New York
Amalgamated Bank
Amalgamated Bank is a national bank owned by the Workers United/SEIU labor union. It was founded by the Amalgamated Clothing Workers of America in 1923. It is headquartered in New York City....
.
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
Amalgamated Bank
Amalgamated Bank is a national bank owned by the Workers United/SEIU labor union. It was founded by the Amalgamated Clothing Workers of America in 1923. It is headquartered in New York City....
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.
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.
Financial Condition
, the bank had more than $750 million in assets, and managed more than $7 billion in pension funds.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. ISBN 0-7178-0673-1