Amalgamated Bank of Chicago rebrands as ABOC, eyes expansion

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Amalgamated Bank of Chicago has a new name: ABOC. The moniker change comes as the $1.1 billion-asset bank plans to expand into new markets.

The bank said in a press release that the new name represents "a modern look that reflects its rich heritage while setting the stage for future growth."

"Through this rebranding, we will re-energize the bank, re-introduce it to the Chicago area and position its capabilities to new customers in other markets, starting with St. Louis," Nick Weaver, ABOC president and chief operating officer, said in the release.

"We will use the platform of the rebranding to capitalize on our forward-looking, digital, growth-oriented approach," he added.

ABOC serves nonprofit organizations and unions in the Chicago area. The bank said it is working to attract new union customers in St. Louis, serving them remotely, and could eventually expand in a similar fashion nationally.

The bank said it expanded its union-tailored treasury management tools, trust and investment services, as well as personal banking.

"ABOC is well-positioned to compete in an increasingly crowded financial services industry," Weaver said.

The bank in 2022 called off its $98 million sale to Amalgamated Financial in New York, citing an inability to secure regulatory approval.

Neither bank provided specifics on the regulatory challenges, with the would-be seller saying only that the Federal Deposit Insurance Corp. had raised "issues" about the deal. The banks announced the merger in September 2021 and had initially expected to complete it by the end of that year.

When the deal was announced, the two companies said it would create a bank with nearly $8 billion of assets, $6.8 billion of deposits, $3.7 billion of loans and $19 billion of trust assets under management.