Amalgamated Bank Issues Annual Environmental, Social and Governance Report for 2023
25 Settembre 2024 - 10:10PM
Amalgamated Bank, a subsidiary of Amalgamated Financial Corp.
(Nasdaq: AMAL), today announced the publication of its 2023
Environmental, Social and Governance (“ESG”) Report. The annual
report provides a comprehensive overview of Amalgamated Bank’s
performance in its approach to addressing ESG risk as a part of
delivering value for clients and investors.
“Amalgamated Bank’s unwavering commitment to operating with the
best interest of our clients in mind is a cornerstone of our
mission. We take pride in partnering with companies who prioritize
environmental stewardship, champion social justice, and demonstrate
exemplary corporate governance,” said Priscilla Sims Brown,
Amalgamated Bank’s President and CEO. “And we continue our
commitment to using our financial resources and corporate influence
to advance economic, social and environmental change.”
Highlights of the report include:
Business Impact: Redefining Success
In 2023, Amalgamated Bank achieved B-Corp recertification with a
score of 155.3, almost double the score needed to qualify and over
three times the score of an ordinary business; setting a new
standard for corporate responsibility. Its funding to climate
solutions totaled more than $2 billion representing more than 39%
of its lending portfolio and Property Assessed Clean Energy
(“PACE”) assessments. Nearly 70% of Amalgamated Bank’s lending
portfolios are high-impact and 100% mission aligned.
Climate Action: Leading the Charge on
Sustainability
Amalgamated Bank is also committed to aligning all of its
business practices with the goals of the Paris Climate Agreement.
While growing its total amount of loans and investments,
Amalgamated Bank reported a fifth consecutive year of increasing
the share dedicated to climate solutions. In 2023, Amalgamated Bank
reported an industry leading emissions intensity of 14.7 tons of
CO2e per million dollars invested and supported clean energy
projects that resulted in 243,010 tons of avoided emissions.
Diversity, Equity, and Inclusion: A Workforce that
Reflects Our Values
For the second year in a row, its pay equity analysis showed
substantial parity in pay for women and minorities. Based on last
year’s pay equity analysis, the Bank earned an “A” on Arjuna
Capital’s Racial and Gender Pay Scorecard, the highest score in the
financial sector. The Bank received a perfect score on the Human
Rights Campaign Foundation’s Corporate Index. The Bank’s workforce
diversity data reveals that its commitment to building a diverse
and vibrant workforce that reflects the communities it serves
remains intact. In addition to EEO-1 aligned reporting, the Bank
also discloses industry leading, workforce-related data on hiring,
promotion, and departures.
“We continue to develop financial products that prioritize
environmental and social benefits alongside financial returns,”
said Ivan Frishberg, Amalgamated Bank’s Chief Sustainability
Officer. “Every product and service we offer is designed with more
than the bottom line in mind, ensuring our impact extends far
beyond financial success. We are proud to lead by example and set
new standards for what it means to be a responsible and
forward-thinking financial institution.”
About Amalgamated Financial Corp.
Amalgamated Financial Corp. is a Delaware public benefit
corporation and a bank holding company engaged in commercial
banking and financial services through its wholly-owned subsidiary,
Amalgamated Bank. Amalgamated Bank is a New York-based full-service
commercial bank and a chartered trust company with a combined
network of five branches across New York City, Washington D.C., and
San Francisco, and a commercial office in Boston. Amalgamated Bank
was formed in 1923 as Amalgamated Bank of New York by the
Amalgamated Clothing Workers of America, one of the country’s
oldest labor unions. Amalgamated Bank provides commercial banking
and trust services nationally and offers a full range of products
and services to both commercial and retail customers. Amalgamated
Bank is a proud member of the Global Alliance for Banking on Values
and is a certified B Corporation®. As of June 30, 2024, our total
assets were $8.3 billion, total net loans were $4.4 billion, and
total deposits were $7.4 billion. Additionally, as of June 30,
2024, our trust business held $34.6 billion in assets under custody
and $14.0 billion in assets under management.
Investor Contact:Jamie LillisSolebury Strategic
Communicationsshareholderrelations@amalgamatedbank.com
800-895-4172
Source: Amalgamated Financial Corp.
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