Amalgamated Bank in New York has agreed to buy New Resource Bank in San Francisco.
The $4.1 billion-asset union-owned Amalgamated said in a press release Friday that it will pay $58.5 million in stock for the $353 million-asset New Resource. The deal is expected to close in the second quarter.
The acquisition “will create a platform for a nationwide, values-based financial institution that can serve the interests of changemakers around the country,” Keith Mestrich, Amalgamated’s president and CEO, said in the release.
“The transaction brings together two complementary and like-minded organizations who share a mission-driven orientation,” Mastrich added. “I believe that, with the addition of New Resource, our bank can become the go-to financial resource and partner for the people, companies, and organizations dedicated to creating a better world.”
Amalgamated said it intends to keep expanding in values-aligned cities. Both Amalgamated and New Resource are certified B Corps and Global Alliance for Banking on Values banks.
“From the very beginning, we have sought to build a bank with a strong commitment to the triple-bottom-line of people, planet and prosperity – a commitment that is shared by Amalgamated,” Vincent Siciliano, New Resource’s president and CEO, said in the release.
FinPro Capital Advisors and Nelson Mullins Riley & Scarborough advised Amalgamated. Vining Sparks IBG and Gary Steven Findley & Associates advised New Resource.