NEW YORK, July 30, 2018 (GLOBE NEWSWIRE) -- Amalgamated Bank today announced the launch of its initial public offering of 6.7 million shares of Class A common stock. The initial public offering price is expected to be between $15.00 to $17.00 per share. The shares will be offered by certain selling stockholders. Amalgamated’s common stock is expected to trade on the Nasdaq Global Market under the ticker symbol “AMAL.”

The underwriters will have a 30-day option to purchase up to an additional 1.0 million shares of Class A common stock. Amalgamated Bank will not receive any proceeds from the offering.

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

About Amalgamated Bank 

Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of 14 branches in New York City, Washington D.C., and San Francisco, and a presence in Pasadena, CA and Boulder, CO. Amalgamated was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Amalgamated provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of March 31, 2018, total assets were $4.2 billion, total net loans were $2.9 billion, and total deposits were $3.3 billion. Additionally, as of March 31, 2018, the trust business held $29.4 billion in assets under custody and $11.6 billion in assets under management.