Breaking News: Amalgamated Bank Goes Public & Makes an Impact

Our Heartland Network congratulates our newest member, Amalgamated Bank, which announced yesterday that it successfully launched a public offering ("IPO") at $15.50 per share. This  is an important milestone for the bank and the culmination of a great deal of hard work by the entire company.  

Amalgamated is the country's longest running labor-sponsored bank, and, as we demonstrated in our Responsible Investor Handbook, an unwavering leader in responsible banking, good corporate governance and impact investment.  According to bank President and CEO Keith Mestrich, in a letter to his team, "Investors specifically called out our unique

 focus on meeting the needs of other mission-driven and sustainable business as a key driver of our value."  

 

Kudos to Keith and the growing bank family (which is growing even more due to the merger with San Francisco's New Resource Bank), including Steve Sleigh, Heartland's co-chair and a bank board member.

 

Tom

AMALGAMATED BANK ANNOUNCED PRICING OF INITIAL PUBLIC OFFERING OF COMMON STOCK

 

NEW YORK, August 8, 2018: Amalgamated Bank ("Amalgamated") (Nasdaq: AMAL) today announced the pricing of its initial public offering of 6,718,729 million shares of Class A common stock at a public offering price of $15.50 per share. The underwriters have also been granted a 30-day option to purchase up to an additional 1,007,809 million shares of Class A common stock. All of the shares in the offering are to be sold by the selling stockholders. Amalgamated will not receive any proceeds from the offering.
 

The shares will begin trading on the Nasdaq Global Market under the symbol "AMAL" on August 9, 2018. The offering is expected to close on or about August 13, 2018, subject to customary closing conditions.

Barclays, J.P. Morgan, and Keefe, Bruyette & Woods, a Stifel Company, are acting as joint book-running managers. Piper Jaffray & Co., Raymond James & Associates, Inc., and Sandler O'Neill + Partners, L.P. are acting as co-managers.

A registration statement on Form 10 relating to the securities has been declared effective by the Federal Deposit Insurance Corporation. The offering will be made only by means of an offering circular. The final offering circular and the registration statement on Form 10 will be available at amalgamatedbankoffering.com.

In addition, copies of the final offering circular may also be obtained from: Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, e-mail: barclaysprospectus@broadridge.com, or by calling (888) 603-5847; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by calling 866-803-9204; or Keefe, Bruyette & Woods, Inc., Attention: Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019, or by calling (800) 966-1559.

 

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