Companies Of A Century: Amalgamated Bank Services Social Purposes
Editor’s Note: Chief Executive is kicking off a new annual tradition this year by celebrating every sizable (over $100 million in annual revenues) standalone company turning 100 in 2023. Check out the rest of this year’s class for tips, insights and, above all else, the inspiration you need to keep going….and going.
HQ: New York, New York
Revenues: $266 million
Employees: 378
Founded by noted labor organizer Sidney Hillman and the leaders of Amalgamated Clothing Workers of America, Amalgamated Bank began with a singular mission: to make the financial system open and accessible to those considered “unbankable” by other local banks. Under that credo, the bank has pioneered new programs and financial products designed to provide access to banking services and capital regardless of socioeconomic status.
Amalgamated became the first bank to introduce unsecured personal loans, with the goal of helping families finance upward mobility, and later the first to offer free checking accounts. The bank also created the first foreign-exchange transfer service to allow immigrants to safely send funds to relatives abroad.
Today, “America’s socially responsible bank” is a favorite of nonprofits, labor unions, advocacy groups and socially responsible businesses. As other financial firms wade into socially responsible banking and investing, Amalgamated’s B Corporation status helps it stand apart as a money-where-its-mouth-is progressive bank. CEO Priscilla Sims Brown reported recently that in 2021 one-third of the bank’s lending portfolio went toward climate and sustainability projects.
Some of Amalgamated’s positions have garnered negative attention. For example, Brown’s push for adoption of a new code that identifies purchases from gun stores garnered such criticism from Republicans that Visa, Mastercard and American Express got skittish enough to announce in March that they would not move forward with it.
Still, its niche as a mission-based bank helps Amalgamated weather headwinds; over half its core deposit franchise is comprised of loyal customers supportive of its values and labor union heritage. Its positive Q1 results, says Brown, “demonstrate the resiliency of our strategy.”
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
0
1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
