Amalgamated Bank Appoints Edward Grebow President and CEO

NEW YORK, April 28, 2011 /PRNewswire/ -- Amalgamated Bank (Amalgamated) announced here today that Edward Grebow, a senior executive with extensive experience in both the financial services sector and other industries, has been appointed President and Chief Executive Officer of Amalgamated.  

Before joining Amalgamated, Mr. Grebow served for three years as a Managing Director of J.C. Flowers & Co., a leading private equity firm focused on the financial services sector.  J.C. Flowers & Co. retained Mr. Grebow in May, 2007 to oversee its $25 billion acquisition of Sallie Mae.  Previously, Mr. Grebow had served as President of the ULLICO Inc. family of companies that includes the $6 billion Union Labor Life Insurance Company.  Mr. Grebow developed and implemented a business plan for ULLICO which involved a successful recapitalization that restored the company's financial strength rating and rebuilt its unique position as the financial services company for labor unions and their affiliated pension plans.

During his career, Mr. Grebow spent more than 15 years in financial services management positions including Vice President at JP Morgan & Co. Inc., President of JP Morgan Leasefunding Corp. and Chief Operating Officer and Executive Vice President of The Bowery Savings Bank. Mr. Grebow was part of the group that purchased the Bowery from the FDIC in 1985.

"As we move forward, our priorities will include making Amalgamated an even stronger partner for its clients in the labor community," Mr. Grebow said. "One of our key strategic objectives will be to expand the breadth of the Longview™ family of investment strategies we created during the more than 35 years the Bank played a leadership role in managing union pension and benefit funds. At the same time, we will continue to be a strong advocate for those funds' shareholder rights through the corporate governance and shareholder activism programs pursued by our Investment Management Division.  

"We also remain fully committed to serving the everyday banking and investment needs of working people and neighborhood businesses in New York City through the expanded branch network the Bank has deployed over the last five years.  We offer our customers a unique combination of advantages when it comes to making decisions about their finances – a comprehensive array of competitive and affordably priced products coupled with highly personalized service from a banking team dedicated to delivering the best and most appropriate financial solutions. At the same time, in an ongoing effort to serve the communities where Amalgamated has branches, we will continue to provide our MoneySense program, free financial education workshops designed to help consumers understand and take better control of their finances.

"Continued loan growth," Mr. Grebow added, "will be another priority.  We plan to expand our middle market lending pipeline further while maintaining a strong focus on credit quality.  Similarly, we will originate a higher volume of consumer and small business loans through our branches, and we will remain faithful to the original mission of our founders by helping to finance affordable, multifamily housing for both the New York metro area and the other markets we serve."

From 2002 to 2003, Mr. Grebow served as President of the Metropolitan Television Alliance (MTVA), a consortium of 11 New York Metropolitan area broadcasters. The organization was seeking to rebuild the TV and emergency services transmission tower atop The World Trade Center that was destroyed on September 11, 2001.  

Prior to joining MTVA, Mr. Grebow was Deputy President of Sony Electronics, Inc., and President of Sony's Broadcast and Professional Company. He joined Sony from Chyron Corporation, a leading maker of broadcast graphics, routing and automation systems, where he was President and Chief Executive Officer. Prior to Chyron, Mr. Grebow spent seven years with CBS, Inc. as Executive Vice President, reporting to Chairman Laurence Tisch.

Mr. Grebow serves as a Director and Chairman of the Audit Committee of Diamond Offshore Drilling, Inc. He also serves as a Trustee of Thirteen/WNET and of the Laborers International Union Charitable Fund. A graduate of the George Washington University School of Business, he has served on that university's Board of Trustees as well as on the boards of the American Film Institute, the Theatre Development Fund, and Panavision, Inc.  

Mr. Grebow succeeds Derrick D. Cephas as President and Chief Executive.

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.

Formed in 1973, Amalgamated's Investment Management Division's investment professionals today serve more Taft-Hartley pension plans than any other U.S. money manager. The division provides distinct advantages to labor affiliated pension fund investors by thoroughly understanding the challenges that plan trustees face in managing the assets of large pension, health and welfare funds. As a result, Amalgamated delivers a much higher level of client-focused service, and its Longview^™ Funds have also played a leadership role in successful corporate governance initiatives and vigorous and aggressive shareholder activism.

In addition to the Investment Management Division, the Bank's corporate divisions include Commercial Banking, Commercial Real Estate Finance, Amalgamated Capital^™, and Amalgamated Business Credit, which as part of the Commercial Banking Division provides asset-based financing.

Amalgamated has 27 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.

SOURCE Amalgamated Bank