Amalgamated Bank, a union-owned commercial bank based in New York, announced on Friday that it had filed with the FDIC to list its shares in an initial public offering. The offering will be made by means of an offering circular, available on the bank's website. The company is currently quoted on the OTC Pink Sheets with very limited trading activity ($421 million market value). We estimate that the IPO could raise $100 million, all of which will be sold by existing shareholders.
The New York, NY-based company was founded in 1923 by the Amalgamated Clothing Workers of America. The bank booked $152 million in revenue for the 12 months ended March 31, 2018. It plans to list on the Nasdaq under the symbol AMAL. Barclays, J.P. Morgan and Keefe Bruyette Woods are the joint bookrunners on the deal. No pricing terms were disclosed.
