Amalgamated Bank

Financial Services

New York City, New York

United States

www.amalgamatedbank.com

About Amalgamated Bank

Amalgamated Bank has always been a different kind of bank. Founded in 1923 by the Amalgamated Clothing Workers of America, a textile union of mostly immigrants in New York City, Amalgamated Bank became the first financial institution for the working class in a time when banking solely benefited corporations and the wealthy. Amalgamated pioneered free savings accounts, free checking accounts, unsecured credit, affordable housing loans, and second chance bank accounts for those people who had credit problems in the past.

Since then, the bank has grown to serve those who help make the world more just, compassionate and sustainable. Their extensive experience, financial resources and community of like-minded customers offers labor unions, philanthropies, political campaigns, socially and environmentally responsible corporations, as well as individuals, a unique set of financial services enabling them to lead the charge to improve our communities and our country. It’s this commitment to working people and the organizations that support them that continues to set them apart from other banks.

B Corp certification provided us with a unique opportunity to join a community of like-minded organizations who hold themselves to a higher standard of good governance and corporate transparency. Much of what we do is guided by the desire to be the bank of the progressive community and by being held to the B Corps standard, we’re putting our money where our mouth is. Inherent in our mission is the goal of building a more equitable global culture in which corporations seek to benefit every person.

The Change We Seek®

Amalgamated Bank wants to open the world to mission based banking. Where you put your money matters and if you value the environment, a fair minimum wage, human rights and corporate governance, your bank should share those values. Too often, consumers choose their banks based on convenience of location, infinitesimal differences in interest rates and fees. As the banking landscape continues to change, it’s time to instead base those decisions off what really matters.

Providing sound banking services and banking on values need not be mutually exclusive ideologies. Through the creation of innovative products and services they have the ability to help grow their clients capital and business while making the world a better place to live.

How is your money helping build a better world?

What makes us a better company?

B Impact Report

Certified since: 

January 2017
Summary:

Company Score

Median Score*

Environment

Environment

The Environment section of the Assessment evaluates a company's environmental performance through its facilities; materials, resource, and energy use; and emissions. Where applicable, it also considers a company's transportation/distribution channels and environmental impact of its supply chain. This section also measures whether a company's products or services are designed to solve an environmental issue, including products that aid in the provision of renewable energy, conserve resources, reduce waste, promote land/wildlife conservation, prevent toxic/hazardous substance or pollution, or educate, measure, or consult to solve environmental problems.

7
7
Workers

Workers

The Worker section of the survey assesses the company's relationship with its workforce. This section measures how the company treats its workers through compensation, benefits, training, and ownership opportunities provided to workers. It also focuses on the overall work environment within the company through management/worker communication, job flexibility and corporate culture, and worker health and safety practices.

23
18
Customers

Customers

The Customers section of the Assessment measures the impact a company has on its customers. The section focuses on whether a company sells products or services that promote public benefit, and if those products/services are targeted towards serving underserved populations. Questions in this section will measure whether a company's product or service is designed to solve a social or environmental issue (e.g. improves health, preserves environment or creates economic opportunity to individuals or communities, promotes the arts/sciences, or increases the flow of capital to purpose-driven enterprises).

18
N/A
Community

Community

The Community section of the survey assesses a company's impact on its community. The Community section evaluates a company's supplier relations, diversity, and involvement in the local community. The section also measures the company's practices and policies around community service and charitable giving. In addition, this section includes if a company's product or service is designed to solve a social issue, including access to basic services, health, education, economic opportunity, arts, and increasing the flow of capital to purpose-driven enterprises.

27
17
Governance

Governance

The Governance section of the Assessment evaluates a company's accountability and transparency. The section focuses on the company's mission, stakeholder engagement, and overall transparency of the company's practices and policies.

12
6
Overall B Score
87
55

80 out of 200 is eligible for certification

*Of all businesses that have completed the B Impact Assessment

*Median scores will not add up to overall

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