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Banks (Finance)

Amalgamated Financial Corp. Closes Underwritten Public Offering of $85,000,000 of 3.250% Fixed-to-Floating Rate Subordinated Notes

Strategic Insights

— 1 min read

Amalgamated Financial Corp., the holding company for Amalgamated Bank, has closed its underwritten public offering of $85,000,000 aggregate principal amount of 3.250% Fixed-to-Floating Rate Subordinated Notes due 2031. The net proceeds from this offering will be used for general corporate purposes, including the cash consideration for Amalgamated Investments Company and ongoing working capital needs. Keefe, Bruyette & Woods, A Stifel Company, acted as the sole book-running manager, and Loop Capital Markets acted as the co-manager for the Notes offering.

Key Takeaways:

  • The underwritten public offering of $85,000,000 of 3.250% Fixed-to-Floating Rate Subordinated Notes due 2031 was fully subscribed, with the Company intending to use the net proceeds for general corporate purposes, including the acquisition of Amalgamated Investments Company.
  • As of September 30, 2021, the Company's total assets were $6.9 billion, with total net loans of $3.1 billion and total deposits of $6.2 billion.
  • Amalgamated Bank provides commercial banking and trust services nationally, offering a full range of products and services to both commercial and retail customers.
  • The Bank is a certified B Corporation and a proud member of the Global Alliance for Banking on Values.
  • Nelson Mullins Riley & Scarborough LLP served as legal counsel to the Company, and Squire Patton Boggs (US) LLP served as legal counsel to the underwriters.

Statistics:

  • $85,000,000: Aggregate principal amount of 3.250% Fixed-to-Floating Rate Subordinated Notes due 2031 sold in the underwritten public offering.
  • 3.250%: Fixed-to-Floating Rate coupon on the Notes.
  • 2031: Maturity date of the 3.250% Fixed-to-Floating Rate Subordinated Notes due 2031.
  • $6.9 billion: Total assets as of September 30, 2021.
  • $3.1 billion: Total net loans as of September 30, 2021.
  • $6.2 billion: Total deposits as of September 30, 2021.
  • $39.5 billion: Assets under custody as of September 30, 2021.
  • $16.1 billion: Assets under management as of September 30, 2021.

Sources:

  • GlobeNewswire, "Amalgamated Financial Corp. Announces Closing of Underwritten Public Offering of $85,000,000 of 3.250% Fixed-to-Floating Rate Subordinated Notes Due 2031"
  • Amalgamated Financial Corp., "Amalgamated Financial Corp. Announces Closing of Underwritten Public Offering of $85,000,000 of 3.250% Fixed-to-Floating Rate Subordinated Notes Due 2031"
  • Amalgamated Financial Corp., "About Amalgamated Financial Corp."

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