Amalgamated Financial Corp.’s $98.1 Million Acquisition of Amalgamated Investments Company

Nelson Mullins Riley & Scarborough LLP represented Amalgamated Financial Corp. on the transaction. KBW served as the financial advisor for AMAL. Piper Sandler & Co. served as financial advisor and Hinshaw & Culbertson LLP served as legal counsel to ABOC.

Amalgamated Financial Corp., the holding company for Amalgamated Bank (“AMAL”), acquired Amalgamated Investments Company, the holding company for Amalgamated Bank of Chicago (“ABOC”), for approximately $98.1 million, which includes an earnout of up to $1.1 million, in an all-cash transaction.

AMAL and ABOC are not currently affiliated, although they were both formed by the same union approximately 100 years ago.  Building on its union heritage, ABOC will now gain access to a broader network to align with the niche segments that AMAL services, including nonprofits, political organizations, philanthropies, sustainability, and social enterprises.  

AMAL was the first publicly traded environmental, social, and governance-focused bank, and this transaction expands its market footprint and builds on its position as the largest bank of its kind in the country. ABOC and AMAL are committed to supporting similar causes, and the combined company will be a powerful platform for growth and innovation. This move also comes at a time when responsible banking and personal financial services are more important than ever in furthering economic, social, racial, and environmental justice.

Greenville, S.C. partner Brittany McIntosh (Picture) led the Nelson Mullins deal team on this acquisition, together with Neil Grayson (Greenville), Maurice Holloway (Greenville), Ann Murray (Atlanta), Ricky Davis (Greenville), and Wes Althoff (Greenville), and with senior guidance from John Jennings (Greenville), Gary Brown (Nashville), Brennan Ryan (Atlanta), and Allie Nagy (Raleigh) as well.

 

Involved fees earner: Wesley Althoff – Nelson Mullins Riley & Scarborough LLP; Gary Brown – Nelson Mullins Riley & Scarborough LLP; Richard Davis Jr – Nelson Mullins Riley & Scarborough LLP; Neil Grayson – Nelson Mullins Riley & Scarborough LLP; Maurice Holloway – Nelson Mullins Riley & Scarborough LLP; John Jennings – Nelson Mullins Riley & Scarborough LLP; Brittany McIntosh – Nelson Mullins Riley & Scarborough LLP; Ann Murray – Nelson Mullins Riley & Scarborough LLP; Aileen Nagy – Nelson Mullins Riley & Scarborough LLP; Brennan Ryan – Nelson Mullins Riley & Scarborough LLP;

Law Firms: Nelson Mullins Riley & Scarborough LLP;

Clients: Amalgamated Financial Corp.;

Author: Martina Bellini