Amalgamated Bank in New York is continuing its product line expansion with the addition of a home mortgage division.
The bank will offer a range of fixed- and adjustable-rate mortgages in addition to home equity loans and lines of credit, the $3.9 billion-asset company said Tuesday. Amalgamated will also provide free workshops for first-time homebuyers.
In an interview last month, Chief Executive Edward Grebow discussed Amalgamated's plans to launch a mortgage unit this summer. The bank received a $100 million investment from private equity funds WL Ross and Yucaipa last fall.
Grebow, who was hired as president and CEO in May 2011, has used the funds to add to the bank's offerings. In addition to the mortgage division, Amalgamated is developing a prepaid card and expanding products in its trust department.