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Banks (Finance)

Amalgamated Financial Corp. Closes Underwritten Public Offering of $85,000,000 of Subordinated Notes

Strategic Insights

— 1 min read

Amalgamated Financial Corp., the holding company for Amalgamated Bank, has closed an underwritten public offering of $85,000,000 aggregate principal amount of its 3.250% Fixed-to-Floating Rate Subordinated Notes due 2031. The Company intends to use the net proceeds from this offering for general corporate purposes, including the cash consideration for its acquisition of 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. The Company's trust business held $39.5 billion in assets under custody and $16.1 billion in assets under management as of September 30, 2021.

Key Takeaways:

  • The Company has closed an underwritten public offering of $85,000,000 of its 3.250% Fixed-to-Floating Rate Subordinated Notes due 2031, with net proceeds intended for general corporate purposes.
  • The sole book-running manager was Keefe, Bruyette & Woods, A Stifel Company, and the co-manager was Loop Capital Markets.
  • The Company's trust business held significant assets under custody and management as of September 30, 2021, with $39.5 billion and $16.1 billion, respectively.
  • Amalgamated Financial Corp. is a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank.
  • As of September 30, 2021, the Company's total assets were $6.9 billion, total net loans were $3.1 billion, and total deposits were $6.2 billion.

Statistics:

  • $6.9 billion: the Company's total assets as of September 30, 2021.
  • $3.1 billion: the Company's total net loans as of September 30, 2021.
  • $6.2 billion: the Company's total deposits as of September 30, 2021.
  • $39.5 billion: the Company's assets under custody as of September 30, 2021.
  • $16.1 billion: the Company's assets under management as of September 30, 2021.

Sources:

  • GlobeNewswire - "Amalgamated Financial Corp. Closes Underwritten Public Offering of $85,000,000 of Subordinated Notes"
  • Global Data Point - "Amalgamated Financial Corp. Completes $85M Subordinated Notes Offering"
  • SyndiGate Media Inc. - "Amalgamated Financial Corp. Closes Underwritten Public Offering of $85,000,000 of Subordinated Notes"

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