The Presidential Inaugural Committee announced today that "it will use Amalgamated Bank’s cash management services to handle most of its day-to-day banking needs for the 2013 Inaugural activities," according to a press release.
Amalgamated Bank is union-owned financial institution. "Established in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank continues the progressive traditions of its founders as the only union-owned bank in the United States. Chartered by New York State, Amalgamated Bank is an FDIC insured commercial bank with $4.2 billion in assets. The Bank's corporate divisions also include Commercial Banking and Real Estate Finance. Through its Investment Management Division, the Bank is also one of the leading providers of investment and trust services to Taft-Hartley plans in the United States," the bank's website reads.
In Washington, the bank is located on K Street.
It was also the bank Occupy Wall Street used to hold funds--and the bank provided the rogue movement other services, as well.
"Amalgamated is where the Occupy Wall Street movement has about $326,000 in donations deposited, or about two thirds of the total raised by the New York arm of the movement, according to its finance committee. When things have heated up, as they did when protesters were temporarily evicted early this week, the bank has provided support, including storage space and conference rooms, and has kept tellers around after hours when protesters needed money," the Los Angeles Times reported.
“We are proud to partner with Amalgamated Bank, an organization that shares our commitment to supporting America's working families and small businesses,” says the CEO of the Presidential Inaugural Committee. “Amalgamated’s reputation for strong customer service will be a valuable asset to the Committee as we work to host the historic second Inauguration of President Obama.”