Introduction
The Amalgamated Bank of Chicago has a rich and storied history that spans over 100 years. Founded in 1922 by Sidney Hillman, the bank was initially established to serve the needs of the Amalgamated Clothing Workers of America (ACWA). However, over time, the bank's mission expanded to include providing financial services to the broader labor movement, community organizations, and individuals who shared its values of social justice and economic equality.
Historical Significance
The Amalgamated Bank of Chicago played a pivotal role in the labor movement during the early 20th century. It provided financial support to unions during strikes and organizing campaigns, and it helped to establish union-owned cooperatives and housing projects. The bank's commitment to social justice extended beyond the labor movement. It was a major supporter of the civil rights movement and the fight for women's rights.
Financial Services
Today, the Amalgamated Bank of Chicago offers a full range of financial services, including:
The bank is known for its commitment to socially responsible banking. It invests in community development projects, supports affordable housing initiatives, and promotes environmental sustainability. For instance:
In 2021, the Amalgamated Bank invested $25 million in affordable housing projects in Chicago.
Community Involvement
The Amalgamated Bank of Chicago is deeply involved in the communities it serves. It supports a wide range of organizations that are working to improve the lives of low-income families, promote education, and protect the environment. For example:
The bank has partnered with the Chicago Urban League to provide financial literacy programs to low-income residents.
Why Amalgamated Bank of Chicago Matters
The Amalgamated Bank of Chicago is a unique and important financial institution. Its commitment to social justice and economic equality sets it apart from other banks. The bank plays a vital role in supporting the labor movement, community organizations, and individuals who are working to make the world a better place.
Benefits of Banking with Amalgamated Bank of Chicago
There are many benefits to banking with the Amalgamated Bank of Chicago, including:
FAQs
1. Is Amalgamated Bank of Chicago a member of the FDIC?
Yes, Amalgamated Bank of Chicago is a member of the FDIC. This means that your deposits are insured up to $250,000.
2. What are the interest rates on Amalgamated Bank of Chicago's savings accounts?
The interest rates on Amalgamated Bank of Chicago's savings accounts vary depending on the type of account and the balance. You can find the current interest rates on the bank's website.
3. Does Amalgamated Bank of Chicago offer online banking?
Yes, Amalgamated Bank of Chicago offers online banking. You can manage your accounts, pay bills, and transfer funds online.
4. Where can I find an Amalgamated Bank of Chicago branch?
Amalgamated Bank of Chicago has branches in Chicago, Illinois; New York, New York; and Washington, D.C. You can find a branch near you on the bank's website.
5. What is Amalgamated Bank of Chicago's routing number?
Amalgamated Bank of Chicago's routing number is 071901016.
6. How do I contact Amalgamated Bank of Chicago's customer service?
You can contact Amalgamated Bank of Chicago's customer service at 1-800-323-BANK (2265).
Call to Action
If you are looking for a bank that is committed to social justice and economic equality, then Amalgamated Bank of Chicago is the right choice for you. Open an account today and start making a difference in your community.
Additional Information
Tables
Table 1: Amalgamated Bank of Chicago Financial Highlights
Year | Assets (in billions) | Deposits (in billions) | Loans (in billions) |
---|---|---|---|
2021 | $6.1 | $5.1 | $4.2 |
2020 | $5.7 | $4.7 | $3.9 |
2019 | $5.3 | $4.3 | $3.6 |
Table 2: Amalgamated Bank of Chicago Community Investments
| Year | Total Community Investments (in millions) | Affordable Housing Investments (in millions) |
|---|---|---|---|
| 2021 | $112 | $25 |
| 2020 | $98 | $20 |
| 2019 | $85 | $18 |
Table 3: Amalgamated Bank of Chicago Loan Portfolio
Loan Type | Percentage of Portfolio |
---|---|
Commercial Real Estate | 35% |
Residential Mortgages | 25% |
Small Business Loans | 20% |
Consumer Loans | 15% |
Other | 5% |
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