Amalgamated Bank is a New York-chartered commercial bank founded in 1923 by a labor union. It operates as a full-service commercial bank targeting mission-aligned institutional clients — labor unions, nonprofits, foundations, advocacy organizations, political campaigns, and PACs — who prefer a bank that shares their values. This niche deposit base is the core of Amalgamated's competitive advantage: these customers hold large balances with limited rate sensitivity and borrow little, allowing Amalgamated to fund itself at well below-market rates. On the lending side, Amalgamated focuses on CRE and multifamily loans (primarily in New York City), C&I loans including clean energy project finance and nonprofit bridge lending, and PACE assessments (financing energy-efficient property improvements repaid via property tax liens), which are a growing, high-yielding asset class. Amalgamated also runs a trust and investment management business serving pension funds, Taft-Hartley plans, and endowments, with $38.6B in assets under custody and $16.6B under management. Political deposits — from campaigns, PACs, and party organizations — are a distinctive feature of the deposit base, peaking ahead of election cycles and managed partly off-balance sheet between cycles. The business model is primarily spread-based, with excess deposits deployed into loans and a securities portfolio. Fee income from trust and investment management is a secondary revenue source. Amalgamated's growth strategy focuses on deepening its niche deposit franchise, expanding geographically into California, and scaling its lending platform to deploy structural excess liquidity into higher-yielding assets.