Banking & Finance  December 18, 2017

Amalgamated Bank acquiring New Resource Bancorp for $58.5M

BOULDER – New York-based Amalgamated Bank plans to acquire New Resource Bancorp, the parent company of New Resource Bank (OTC: NRBC) based in San Francisco, for approximately $58.5 million, in a stock and cash deal,

New Resource Bank is opening a loan-production office in Boulder.

New Resource shareholders will receive 0.0315 shares of Amalgamated common stock for each share of New Resource, at a purchase price of $9.67 per share. The acquisition of New Resource Bank represents the opportunity to expand Amalgamated’s geographic presence to the San Francisco Bay Area as well as deepen its model of impact banking.

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The combined bank will create the largest values-based bank in the U.S., offering significant expansion in products and services, greater geographic scope, and increased financial resources which will together enhance the experience for the customer, communities, and employees of both institutions. Together, Amalgamated and New Resource, both certified B Corps and Global Alliance for Banking on Values banks, are scaling sustainable banking across the nation to confront address climate and social inequities.

 

BOULDER – New York-based Amalgamated Bank plans to acquire New Resource Bancorp, the parent company of New Resource Bank (OTC: NRBC) based in San Francisco, for approximately $58.5 million, in a stock and cash deal,

New Resource Bank is opening a loan-production office in Boulder.

New Resource shareholders will receive 0.0315 shares of Amalgamated common stock for each share of New Resource, at a purchase price of $9.67 per share. The acquisition of New Resource Bank represents the opportunity to expand Amalgamated’s geographic presence to the San Francisco Bay Area as well as deepen its model of impact banking.

The combined bank will…

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