Democratic National Committee Moves Its Money to Amalgamated Bank DNC Moves to America's Labor Bank
WASHINGTON, Aug. 10, 2012 /PRNewswire/ -- The Democratic National Committee (DNC) announced today that it has recently moved its primary banking relationship to Amalgamated Bank, America's Labor Bank. The DNC will use Amalgamated Bank's cash management services to handle its day-to-day banking needs.
Amalgamated Bank was founded in 1923 by the Amalgamated Clothing Workers of America so that workers, labor unions, and progressive organizations would be able to bank with an institution that represented their interests. Today, Amalgamated Bank's largest shareholder is Workers United, an SEIU affiliate.
In announcing the new alliance with Amalgamated, DNC Chair Debbie Wasserman Schultz said, "We are proud to join forces with Amalgamated Bank, an organization with a 90-year legacy of reflecting the values of our nation's middle class. Amalgamated and the Democratic Party share a common heritage of advocating for positive changes in our economy and society to help working men and women achieve their fair share of the American dream. Furthermore, at the DNC, we have a fiduciary responsibility to those who invest in our party; it is critical that we honor their efforts to strengthen our infrastructure and build our organization by partnering with an institution that shares our commitment to standing with America's working families and small businesses, who we believe are the backbone of our country."
In welcoming the DNC to Amalgamated, Edward Grebow, the Bank's President and CEO, said, "We are honored that the Democratic National Committee has selected our Bank as its primary financial institution. The DNC joins a growing chorus of non-profit groups, labor unions, and progressive organizations that are choosing to bank with an institution that understands and is fighting for the values of all hardworking American families, and we are proud to have their business."
Amalgamated's relationship with the DNC will be managed by Senior Vice President Keith Mestrich, who directs the Bank's operations at its Washington, D.C. headquarters.
"We look forward to building a long and productive partnership with the Democratic National Committee," Mr. Mestrich said.
About the Democratic National Committee
The Democratic National Committee (DNC) promotes the election of party candidates by providing technical and financial support. The DNC works with national, state, and local party organizations, which include elected officials, candidates, constituencies, and grassroots volunteers across the country. Its website is www.democrats.org.
About Amalgamated Bank
Established in 1923 by the Amalgamated Clothing Workers of America and now owned by its successor organization, Workers United, Amalgamated Bank continues the progressive traditions of its founders as the only union-owned bank in the United States. Chartered by New York State, Amalgamated Bank is an FDIC insured commercial bank.
The Bank's corporate divisions are Investment Management, Commercial Banking, Commercial Real Estate Finance, Amalgamated Capital™, and Retail Banking. Amalgamated has 25 retail branches including 20 in New York City, as well as branches in: Las Vegas, Nevada; Lyndhurst, New Jersey; Pasadena, California, and Washington, D.C.
The Bank's website is www.amalgamatedbank.com. Also, follow Amalgamated Bank on Facebook and Twitter.
SOURCE Amalgamated Bank