Amalgamated Financial Corp. Announces Closing of $85 Million Subordinated Notes Offering
09 November 2021 - 8:02AM
Amalgamated Financial Corp. (the “Company”) (Nasdaq: AMAL), the
holding company for Amalgamated Bank (the “Bank”), today announced
the closing of its underwritten public offering of $85,000,000
aggregate principal amount of its 3.250% Fixed-to-Floating Rate
Subordinated Notes due 2031 (the “Notes”). The Company intends to
use the net proceeds from this offering for general corporate
purposes, including for funding the cash consideration to be paid
in the Company’s acquisition of Amalgamated Investments Company and
for ongoing working capital needs.
Keefe, Bruyette & Woods, A Stifel Company, acted as the sole
book-running manager, and Loop Capital Markets acted as the
co-manager for the Notes offering. Nelson Mullins Riley &
Scarborough LLP served as legal counsel to the Company, and Squire
Patton Boggs (US) LLP served as legal counsel to the
underwriters.
About Amalgamated Financial Corp.
Amalgamated Financial Corp. is a Delaware public benefit
corporation and a bank holding company engaged in commercial
banking and financial services through its wholly-owned subsidiary,
Amalgamated Bank. Amalgamated Bank is a New York-based full-service
commercial bank and a chartered trust company with a combined
network of six branches in New York City, Washington D.C., San
Francisco, and Boston. Amalgamated Bank was formed in 1923 as
Amalgamated Bank of New York by the Amalgamated Clothing Workers of
America, one of the country’s oldest labor unions. Amalgamated Bank
provides commercial banking and trust services nationally and
offers a full range of products and services to both commercial and
retail customers. Amalgamated Bank is a proud member of the Global
Alliance for Banking on Values and is a certified B Corporation®.
As of September 30, 2021, the Company’s total assets were $6.9
billion, total net loans were $3.1 billion, and total deposits were
$6.2 billion. Additionally, as of September 30, 2021, the Company’s
trust business held $39.5 billion in assets under custody and $16.1
billion in assets under management.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are not statements of historical or
current fact nor are they assurances of future performance and
generally can be identified by the use of forward-looking
terminology, such as “may,” “will,” “anticipate,” “intend,”
“could,” “should,” “would,” “believe,” “project,” “plan,” “goal,”
“target,” “potential,” “pro-forma,” “seek,” “contemplate,”
“expect,” “estimate,” “continue,” “project,” “anticipated,”
“modeled” or “forecasted” or the negative thereof as well as other
similar words and expressions of the future. These forward-looking
statements include, without limitation, the Company’s intended use
of the net proceeds from the Offering. Forward-looking statements
are subject to risks, uncertainties and assumptions that are
difficult to predict as to timing, extent, likelihood and degree of
occurrence, which could cause the Company’s actual results to
differ materially from those anticipated in or by such statements.
Potential risks and uncertainties include, but are not limited to,
the Company’s ability to deploy the net proceeds of the Offering as
the Company currently intends. The Company cautions readers that
the foregoing list of factors is not exclusive, is not necessarily
in order of importance and readers should not place undue reliance
on any forward-looking statements. Further, any forward-looking
statement speaks only as of the date on which it is made, and the
Company does not intend to and, except as required by applicable
law, disclaims any obligation to update or revise any
forward-looking statement to reflect events or circumstances after
the date on which the statement is made or to reflect the
occurrence of unanticipated events, unless required to do so under
applicable securities laws.
Investor Contact:Jamie LillisSolebury
Troutshareholderrelations@amalgamatedbank.com800-895-4172
Source: Amalgamated Financial Corp.
Amalgamated Financial (NASDAQ:AMAL)
Historical Stock Chart
From Apr 2024 to May 2024
Amalgamated Financial (NASDAQ:AMAL)
Historical Stock Chart
From May 2023 to May 2024