Amalgamated Bank

Certified B Corporation
Headquarters

New York, United States

Certified Since

January 2017

Industry

Deposit bank - Developed Markets

Sector

Service with Minor Environmental Footprint

Operates In

United States

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.

Overall B Impact Score

Based on the B Impact assessment, Amalgamated Bank earned an overall score of 115.1. The median score for ordinary businesses who complete the assessment is currently 50.9.
115.1
115.1 Overall B Impact Score
80 Qualifies for B Corp Certification
50.9 Median Score for Ordinary Businesses

Governance 15.7

The Governance Impact Area evaluates a company's overall mission, engagement around its social and environmental impact, ethics, and transparency. This section also evaluates the ability of a company to protect their mission and formally consider stakeholders in decision making through their corporate structure (e.g. benefit corporation) or corporate governing documents.

Mission & Engagement2.6
Corporate Accountability1.8
Ethics2.0
Transparency6.8
+ Mission Locked2.5

What is this? A company with an Impact Business Model is intentionally designed to create a specific positive outcome for one of its stakeholders - such as workers, community, environment, or customers.


Workers 28.3

The Workers Impact Area evaluates a company's contributions to its employees' financial security, health and safety, wellness, career development, as well as overall engagement and satisfaction. In addition, this section recognizes business models designed to benefit workers, such as companies that are at least 40% owned by non-executive employees and those that have workforce development programs to support individuals with barriers to employment.

Compensation & Wages6.9
Benefits11.4
Training & Education1.5
Worker Ownership2.2
Management & Worker Communication3.1
Job Flexibility/Corporate Culture2.9

Community 35.1

The Community Impact Area evaluates a company's engagement with and impact on the communities in which it operates, hires from, and sources from. Topics include diversity, equity, and inclusion; economic impact; civic engagement; charitable giving; and supply chain management. In addition, this section recognizes business models that are designed to address specific community-oriented problems, such as poverty alleviation through fair trade sourcing or distribution via microenterprises, producer cooperative models, locally focused economic development, and formal charitable giving commitments.

Job Creation3.7
Diversity & Inclusion6.7
Civic Engagement & Giving6.6
Local Involvement12.0
Suppliers, Distributors & Product6.0

Environment 16.0

The Environment Impact Area evaluates a company's overall environmental management practices as well as its impact on the air, climate, water, land, and biodiversity. This includes the direct impact of a company's operations and, when applicable, its supply chain and distribution channels. This section also recognizes companies with environmentally innovative production processes and those that sell products or services that have a positive environmental impact. Some examples might include products and services that create renewable energy, reduce consumption or waste, conserve land or wildlife, provide less toxic alternatives to the market, or educate people about environmental problems.

Land, Office, Plant7.1
Inputs2.1
Outputs1.5
+ Green Lending5.1

What is this? A company with an Impact Business Model is intentionally designed to create a specific positive outcome for one of its stakeholders - such as workers, community, environment, or customers.


Customers 19.8

The Customers Impact Area evaluates a company's stewardship of its customers through the quality of its products and services, ethical marketing, data privacy and security, and feedback channels. In addition, this section recognizes products or services that are designed to address a particular social problem for or through its customers, such as health or educational products, arts and media products, serving underserved customers or clients, and services that improve the social impact of other businesses or organizations.

+ Portfolio Reporting0
+ Targeted for Investment4
+ Leadership & Outreach2.3
+ Investment Criteria4.3
+ Portfolio Management6.6
+ Serving in Need Populations2.1

What is this? A company with an Impact Business Model is intentionally designed to create a specific positive outcome for one of its stakeholders - such as workers, community, environment, or customers.



Previous Overall B Impact Scores

2019 Overall B Impact Score115.1
2017 Overall B Impact Score87.3

Additional Documentation

Amalgamated Bank Transparent Assessment


Best for the World

Every year, B Lab recognizes the B Corps that have achieved the highest verified scores in the five impact areas evaluated on the B Impact Assessment.

Best For The World: Changemakers2019

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