NEW YORK, Oct. 20 /PRNewswire/ -- Seeking to further expand and diversify its commercial loan portfolio, Amalgamated Bank has selected Gardner B. Semet to head its Commercial Real Estate Finance Division. Mr. Semet brings to Amalgamated over 20 years of expertise in all facets of commercial real estate lending in the New York area and other U.S. markets. As Executive Vice President and Head of the Division, he will report directly to the Bank's President and CEO Derrick D. Cephas.
"We plan to continue to both diversify and grow our commercial real estate loan portfolio, and to accomplish that we sought an executive with strong leadership, management and relationship building skills," said Mr. Cephas. "Gardner Semet is a proven and successful leader with the energy, experience, relationships and knowledge to help us achieve these goals."
Mr. Semet's first priority will be to increase Amalgamated's client base by forming new relationships for the Bank with a wider-range of commercial real estate organizations in the New York area and other markets the Bank serves across the United States.
Before joining Amalgamated, Mr. Semet worked since 1992 as a senior commercial real estate executive at M&T Bank in New York City. During his years at the bank, he closed loans with a cumulative value of more than $3 billion. The loans, ranging in size from $300,000 to $120,000,000, were used for permanent financing of properties or to acquire or renovate real estate in the New York Metropolitan area, as well as California, Maryland, Florida and Ohio. He arranged financing for individual and groups of properties that included multi-family buildings, cooperative underlying mortgages, bulk cooperative and condominium apartments, mixed-use properties, office buildings, and shopping centers as well as industrial and mini-storage facilities.
Mr. Semet earned his bachelor's degree at Columbia University and he received an M.B.A. from the Columbia Business School. He also received a diploma in Real Estate Investment and Analysis from New York University's Real Estate Institute. His community service activities include serving as a Board Member on the New York Advisory Council for Youth about Business. The organization is non-profit financial literacy education program conducted at Columbia University for high school students who attend a summer business camp that teaches teens about mergers and acquisitions.
About Amalgamated Bank
Established in 1923 by the Amalgamated Clothing Workers of America, 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 with $4.5 billion in assets. The Bank's corporate divisions include Commercial Banking, Commercial Real Estate Finance and Amalgamated Capital™ as well as Amalgamated Business Credit, which as part of the Commercial Banking Division and provides asset-based financing.
Amalgamated Bank is also one of the leading providers of investment and custody services to Taft-Hartley plans in the United States. Amalgamated's Institutional Asset Management & Custody Division serves over 850 public sector and Taft-Hartley clients, manages over 1,100 accounts and has over $10.5 billion in assets under management. In the area of corporate governance, the Division is a recognized leader in shareholder activism.
Amalgamated has 24 retail branches including 18 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.
SOURCE Amalgamated Bank