AMALGAMATED BANK OF CHICAGO BECOMES "ABOC" AS PART OF MAJOR REBRANDING AND EXPANSION EFFORT

Chicago's oldest union bank adopts a new name and logo to reflect its updated digital-first approach and broadened reach

CHICAGO, July 9, 2024 /PRNewswire/ -- ABOC, formerly Amalgamated Bank of Chicago, today announced a rebrand, coinciding with the institution's 102nd anniversary. The bank has unveiled a new name, logo and visual identity, showcasing a modern look that reflects its rich heritage while setting the stage for future growth. The rebranding provides an opportunity for the full-service, Chicago-based bank to further grow and continue evolving into a national banking leader.

"We believe the time is right to broadly communicate the things that set us apart: a strong foundation, profound trust, in-depth financial and banking expertise, and highly personalized and responsive service," says Nick Weaver, ABOC president and chief operating officer. "Through this rebranding, we will re-energize the bank, re-introduce it to the Chicago area and position its capabilities to new customers in other markets, starting with St. Louis."

Weaver adds that in today's extremely competitive banking industry, it is essential to evolve and grow in order to survive. "We are eager to demonstrate that we've done just that. We will use the platform of the rebranding to capitalize on our forward-looking, digital, growth-oriented approach."

The rebranding includes the introduction of a shorter, more user-friendly trade name, as well as a tagline for the new ABOC brand – "A Bank Built on a Strong Foundation." Chicago is being removed from the company brand name to reflect the bank's desire to broaden its customer footprint. In addition, the new logo is an evolution of the previous logo, with an interlocking hexagon that subtly depicts a handshake, underscoring the close partnership that ABOC shares with its clients. It also demonstrates the bank is building on the rich history that has contributed to its success for more than a century.

In addition to the rebranding, ABOC is working to attract new union customers outside of the Chicago area by introducing Union Protect Solutions, which caters to the diverse and changing needs of unions of all sizes by grouping services and products – all of which can be administered remotely without the need for a physical location – into three tiers. This starts with an expansion into the St. Louis market in 2024.

The financial and banking landscape has changed greatly since ABOC's founding, but the bank still stands out for its ability to meet the specific needs of unions and provide protection for today and solutions for tomorrow. In addition, over the years, the bank has expanded its tailored commercial financing solutions, sophisticated treasury management tools, trust and investment services, and personal banking, in response to the current preferences and needs of today's customers.

"ABOC is well-positioned to compete in an increasingly crowded financial services industry," Weaver says. "We're confident in our ability to distinguish ourselves from our peers with our history, knowledge, expertise, relationships, and banking services."

About ABOC
ABOC (formerly Amalgamated Bank of Chicago), member FDIC, is a full-service bank with a long and rich history of providing trusted expertise and a wide variety of financial products and services, including commercial banking, union banking, trust services and personal banking. ABOC was founded in 1922 by the Amalgamated Clothing Workers Union (now known as Workers United) to serve the financial needs of local businesses and working people. Headquartered in Chicago, ABOC has expanded its commercial and consumer focus over the past 100 years. The bank's relationships with customers are based on profound trust, in-depth financial and banking expertise, and highly personalized and responsive service. For more information, visit https://www.aboc.com/.

Media Contact:
Charisse Barnachea
Mekky Media Relations
[email protected]

SOURCE ABOC

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