Amalgamated Financial, the holding company for Amalgamated Bank, withdrew its application for regulatory approval to acquire Amalgamated Bank of Chicago due to an inability to obtain such approval. As a result, Amalgamated Financial is no longer proceeding with the transaction.
Amalgamated Financial also reaffirmed its full-year 2022 standalone guidance to achieve core pre-tax, pre-provision earnings of approximately $75 million to $85 million, net interest income of approximately $184 million to $192 million and balance sheet growth of approximately 5%, including high single digit organic loan growth.
At the same time, Amalgamated Financial’s board of directors approved an increase in Amalgamated Bank’s common stock share repurchase authorization to an aggregate amount of up to $40 million. The timing and exact amount of stock repurchase activity will be informed by economic and regulatory considerations as well as Amalgamated Financial’s capital position, earnings outlook and capital deployment priorities.
