SCHEDULE 13G: Workers United and Affiliates Disclose Substantial 23.4% Stake in Amalgamated Financial Corp.

Workers United and its various regional and local boards have collectively reported a significant beneficial ownership stake of 23.4% in Amalgamated Financial Corp. as of December 31, 2024.

Summary

• Workers United and its affiliated regional and local joint boards have filed a Schedule 13G, disclosing their beneficial ownership in Amalgamated Financial Corp.
• As of December 31, 2024, Workers United, the primary reporting person, beneficially owns 7,185,815.93 shares, representing 23.4% of Amalgamated Financial Corp.'s common stock.
• This ownership includes shares held by various regional and local entities, such as New York-New Jersey Regional Joint Board (5.3%), Chicago & Midwest Regional Joint Board (1.6%), and Philadelphia Joint Board (1.4%).
• The total percentage is calculated based on 30,669,303 shares of common stock outstanding as of November 4, 2024, as reported in the Company's Quarterly Report for the period ended September 30, 2024.
• This filing is an Amendment No. 2 to a Schedule 13G initially filed on February 14, 2019, and Amendment No. 1 filed on February 6, 2024, but is submitted as an initial 13G for EDGAR system compliance with structured data requirements effective December 18, 2024.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain qualitative statements or performance metrics that would indicate a positive or negative sentiment. It simply reports a significant, existing stake.

Positives

• The significant long-term investment by a major labor organization like Workers United may indicate stability and a long-term perspective on the company's value.
• The substantial stake held by Workers United could align labor interests with shareholder interests, potentially fostering a more cooperative environment within the company.

Future Outlook

NA

Industry Context

This filing indicates a significant and continued investment by a major labor organization, Workers United, in Amalgamated Financial Corp., a Delaware public benefit corporation. This level of ownership by a union is notable within the financial services sector, suggesting a unique stakeholder dynamic where labor interests are directly tied to the company's financial performance and governance. Amalgamated Financial Corp. is known for its historical ties to labor unions, making this substantial beneficial ownership consistent with its unique corporate identity and mission.

Stakeholder Impact

• Shareholders: The significant stake held by Workers United and its affiliates means a large block of shares is held by a single, coordinated entity, potentially influencing voting matters and corporate strategy.
• Employees: Given that the beneficial owner is a labor union, this substantial ownership could imply a strong voice for labor interests in corporate decisions, potentially impacting employee relations, wages, and benefits.
• Management: Management will need to consider the interests and potential influence of a major labor union as a significant shareholder in strategic planning and operational decisions.

Key Dates

Keywords

Amalgamated Financial Corp., Workers United, beneficial ownership, Schedule 13G, SEC filing, common stock, institutional ownership, labor union investment, financial services