NEW YORK, June 16, 2011 /PRNewswire/ -- Amalgamated Bank (Amalgamated) announced here today that Executive Vice President Robert Love, who heads Amalgamated Business Credit, will also direct Amalgamated Capital (AmalCap), the Bank's leveraged finance operation. As part of this realignment, Mr. Love will now report to Edward Grebow, Amalgamated Bank's President and Chief Executive Officer.
"The formation of AmalCap and Amalgamated Business Credit over the past two years was part of an ongoing plan to build a more balanced and diversified lending portfolio, and both are important to us," said Mr. Grebow. "These two groups fit well together and complement our Middle Market group and our Commercial Real Estate Finance division, giving us a full range of lending options for business clients."
New York-based AmalCap, created in September, 2009, provides cash flow-based senior secured financing to support investments made by private equity sponsors in high quality, lower middle-market companies. The Business Credit Division, originally established as a unit of the Bank's Commercial Banking Division, was formed nine months ago to provide asset-based financing to middle market companies with revenues of $50 million to $200 million. Both units operate on a national platform across the United States.
"There is significant opportunity for Amalgamated in both of these markets," Mr. Love, a veteran asset-based lending professional, commented. "We were one of the first banks to come back into New York's asset-based lending arena following the market retrenchment of the past few years, and, similarly, we have been ahead of the curve in making private equity leveraged financing available at the lower end of the middle market. Our strong strategic commitment – coupled with our ability to provide highly flexible and rapid review of proposed transactions – has served to make Amalgamated a very attractive lending partner in the eyes of the market place."
Prior to joining Amalgamated Bank in September 2010, Mr. Love served as Senior Vice President of Origination at RBS Business Capital. In addition, he has 20 years of experience in asset-based lending and has worked in every facet of the business from audit staff and underwriting to account management and origination. During the last 10 years – while at GE Commercial Finance, CIT and Royal Bank of Scotland – he was responsible for the origination of more than $2 billion in asset-based lending transactions.
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 today serves more Taft-Hartley pension plans than any other U.S. money manager. The division provides distinct advantages to labor affiliated pension fund investors by understanding the challenges that plan trustees face in managing the assets of large pension, health and welfare funds. Amalgamated delivers a higher level of client-focused service, and its Longview™ Funds have also played a leadership role in corporate governance initiatives and shareholder activism.
In addition to Investment Management, the Bank's divisions are Commercial Banking, Amalgamated Capital, Amalgamated Business Credit, and Commercial Real Estate Finance. Amalgamated's Retail Banking Division has 27 branches including 20 in New York City and in Las Vegas, Nevada; New Jersey; California, and Washington, D.C. The Bank's website is www.amalgamatedbank.com.
SOURCE Amalgamated Bank