Amalgamated Financial Corp. Declares 17% Increase in Dividend
Amalgamated Financial Corp. recently made headlines with an announcement regarding its quarterly dividend. The company's Board of Directors has sanctioned a notable increase of $0.02, marking a significant 17% rise, bringing the dividend to $0.14 per common share. This increase represents a strong commitment to providing value to its shareholders.
Dividend Payment Details
The payable date for this increased dividend is set for February 27, with stockholders on record as of February 11 eligible to receive it. While the increase has been confirmed, future dividend payments will depend on the discretion of the Board of Directors, indicating that the company aims to maintain flexibility and adaptability in its financial decisions.
About the Company
Who is Amalgamated Financial Corp.?
Amalgamated Financial Corp. stands out as a Delaware public benefit corporation and a bank holding company, with a strong emphasis on commercial banking and financial services. This is facilitated through its wholly-owned subsidiary, Amalgamated Bank, which is based in New York and celebrated for its robust service offerings.
History and Services Offered
Founded in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the oldest labor unions in the country, Amalgamated Bank has grown to include a comprehensive network of five branches strategically located in major cities, including New York City, Washington D.C., and San Francisco, alongside a commercial office in Boston.
As a full-service commercial bank and chartered trust company, Amalgamated Bank offers an expansive range of products and services tailored to meet the needs of both commercial and retail customers. The bank is dedicated to upholding its values, evidenced by its membership in the Global Alliance for Banking on Values and its status as a certified B Corporation.
Financial Position
Key Financial Metrics
As of the end of September 2024, Amalgamated Financial Corp. boasts impressive financial metrics. The company's total assets are reported at $8.4 billion, while total net loans stand at $4.5 billion. Furthermore, the bank has total deposits reaching $7.6 billion. These figures highlight the institution's solid standing in the banking industry.
Trust Business Performance
Amalgamated's trust business is also noteworthy, as it held $35.4 billion in assets under custody and $14.6 billion in assets under management by September 30, 2024. This demonstrates the company's capability to manage substantial financial resources while continuing to grow its service offerings and customer base.
Investor Relations
Getting in Touch
For those interested in reaching out regarding investment opportunities or inquiries about the company, Jamie Lillis from Solebury Strategic Communications is the point of contact. Jamie can be contacted at shareholderrelations@amalgamatedbank.com. Additionally, the investor relations team can be reached at 800-895-4172 for any further assistance.
Frequently Asked Questions
What prompted the dividend increase by Amalgamated Financial Corp.?
The increase in dividend was authorized by the Board of Directors based on the company’s strong financial performance and commitment to shareholder value.
When will the new dividend be paid out?
The new dividend of $0.14 per share will be payable on February 27 to stockholders of record on February 11.
How long has Amalgamated Bank been in operation?
Amalgamated Bank was founded in 1923 and has over 100 years of experience in the banking industry.
What services does Amalgamated Financial Corp. provide?
Amalgamated Financial Corp. provides a full range of commercial banking, trust services, and other financial services for both commercial and retail customers.
How are the company’s assets structured?
As of September 30, 2024, Amalgamated Financial Corp. reported total assets of $8.4 billion, with significant portions in loans and deposits.
