Amalgamated Financial Expands Board with Industry Leaders
Amalgamated Financial Welcomes New Board Members
Today, Amalgamated Financial Corp. (NASDAQ: AMAL) proudly announces the inclusion of Steven S. SaLoutos and Tony Wells to its esteemed Board of Directors. Their roles will also extend to the Board of Directors of Amalgamated Bank, reinforcing the organization's commitment to strong leadership and corporate governance.
Expertise that Matters
Lynne Fox, Chair of the Board, expressed her enthusiasm regarding this addition, stating, “We are thrilled to welcome Steven and Tony to our Board of Directors. Our board has always included industry experts who understand that profitability and social responsibility can coexist harmoniously. Both Steven and Tony embody this belief through their impressive careers, and we are confident they will significantly enhance our board and support our strategic growth.”
Steven S. SaLoutos: A Wealth of Experience
Mr. SaLoutos arrives with a rich background in the banking sector and a proven track record in directorship. Currently serving as the Chief Financial Officer of ProSight Financial Association, he boasts an impressive 38-year career at U.S. Bank, N.A., where he held several key positions, most notably that of Executive Vice President and Midwest Regional Executive in Consumer and Business Banking.
Community Engagement
Beyond his professional roles, Mr. SaLoutos actively contributes to community initiatives. He is a longstanding member and former Chairperson of the Wisconsin Women Business Initiative Corporation (WWBIC), a Community Development Financial Institution dedicated to supporting women and minority-owned businesses through education and lending initiatives. With a BBA from the University of Wisconsin-Whitewater and an MBA from the University of Wisconsin-Madison, he brings academic rigor to his extensive professional expertise.
Tony Wells: Leadership Across Multiple Industries
Bringing nearly 40 years of executive experience across several highly regulated sectors, Mr. Wells complements the board's diverse skill set. Currently, he holds a position as a Venture Partner at AZ-VC, Arizona's leading venture capital fund, and contributes to the boards of well-known entities such as Nexstar Media Group (NASDAQ: NXST) and Yelp (NYSE: YELP).
Previous Achievements
Before his venture capital role, he spent two years as Chief Media Officer at Verizon and has had a significant tenure as a senior marketing executive at USAA. There, he culminated his service as Chief Brand Officer, simultaneously chairing the USAA Foundation and the USAA Education Foundation, driving critical advancements in financial literacy and customer trust. Mr. Wells also has military accolades as a former Marine Corps infantry officer and holds a B.S. from the United States Naval Academy along with a Management Certificate from Johns Hopkins University’s Carey School of Business.
The Future of Amalgamated Financial
CEO Priscilla Sims Brown remarked on the strategic contribution of both new board members, stating, “Their vast experiences and strategic insights will be invaluable as we continue to accelerate our growth and expand our impact.” This sentiment highlights the synergy expected between the new members and the company's mission.
As these two leaders join Amalgamated, it is evident their shared passion aligns seamlessly with the company's objectives. Their expertise in various sectors and their commitment to ethical business practices promise a bright future for Amalgamated Financial, propelling it towards its goals of sustainable growth and enhanced community support.
About Amalgamated Financial Corp.
Amalgamated Financial Corp. operates as a Delaware public benefit corporation and bank holding company, offering comprehensive commercial banking and financial services through its wholly owned subsidiary, Amalgamated Bank. Headquartered in New York, Amalgamated Bank is characterized by its rich history, founded in 1923 by the Amalgamated Clothing Workers of America.
With a network of five branches in key metropolitan areas and a commercial office in Boston, Amalgamated Bank engages with both commercial and retail customers, delivering a vast range of financial products and services. Its commitment to values-based banking is evident in its membership with the Global Alliance for Banking on Values and its certification as a B Corporation.
As of the latest reports, Amalgamated's assets have soared to $8.3 billion, showcasing robust financial health with total net loans at $4.6 billion and total deposits reaching $7.4 billion. The trust business manages assets that include $35.7 billion in custody and $14.2 billion under management. All these figures underline the strength and reliability of Amalgamated Financial in the competitive financial landscape.
Frequently Asked Questions
What roles have Steven S. SaLoutos and Tony Wells taken on?
Both men have been appointed to the Board of Directors of Amalgamated Financial Corporation and Amalgamated Bank.
What expertise do they bring to the board?
They bring decades of leadership experience in various sectors, including banking, marketing, and venture capital, enhancing the board's strategic direction and governance.
What is the mission of Amalgamated Financial?
The mission focuses on aligning profitability with social impact, emphasizing values-based banking and community support.
What is the history of Amalgamated Bank?
Established in 1923, Amalgamated Bank was founded to support the financial needs of labor unions and continues to operate with a commitment to social responsibility.
How does Amalgamated Financial support its communities?
Through various initiatives, community engagement programs, and by being a proud member of the Global Alliance for Banking on Values.
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