Amalgamated, operator of New Resource Bank, launches IPO

BOULDER — Amalgamated Bank, which in the Boulder market operates New Resource Bank following its acquisition in May, has launched its initial public offering of 6.7 million shares of Class A common stock. The initial public offering price is expected to be between $15 to $17 per share. The shares will be offered by certain selling stockholders. Amalgamated’s common stock is expected to trade on the Nasdaq Global Market under the ticker symbol “AMAL.”

Amalgamated Bank, a certified B Corp., is a New York-based full-service commercial bank and a chartered trust company with a combined network of 14 branches in New York City, Washington, D.C., and San Francisco with a presence in Pasadena, Calif., and Boulder.

The underwriters of the public offering will have a 30-day option to purchase up to an additional one million shares of Class A common stock. Amalgamated Bank will not receive any proceeds from the offering.

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Barclays, J.P. Morgan, and Keefe, Bruyette & Woods, a Stifel Company, will act as joint book-running managers. Piper Jaffray & Co., Raymond James & Associates Inc., and Sandler O’Neill + Partners L.P. are acting as co-managers.

A registration statement relating to the securities has been filed with the Federal Deposit Insurance Corp. but has not yet become effective, and securities cannot be sold until the FDIC makes it effective.