Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) has approved New York State-chartered Amalgamated Bank’s purchase of New Resource Bank, a California State-chartered bank.  Amalgamated announced its purchase of New Resource Bank in December 2017 pending DFS’s regulatory approval.

“DFS appreciates Amalgamated’s continuing commitment to New York’s state-chartered banking system as it expands across the nation,” said Superintendent Vullo. “This merger demonstrates how banks can effectively engage with and address the financial services needs of local communities, while successfully growing their business under the strong regulatory oversight and consumer protection of state regulators such as DFS.”

Keith Mestrich, President and CEO of Amalgamated Bank said, “We are pleased that DFS has approved this transaction and appreciate DFS’s support. Amalgamated Bank is excited to welcome New Resource and see this merger as an important step in building a nationwide platform for a socially responsible bank. This merger is great news for organizations, companies, and individuals who seek banking services that not only meet their financial needs but also that enable them to spend and save their money in alignment with their values.”

Through the approval of this merger, Amalgamated will ultimately offer significant product and service line expansions, a greater geographic presence, and increased financial resources. Combined with New Resource Bank, the bank will now have a presence nationwide, from New York to the San Francisco Bay area. Following the merger, New Resource Bank’s main office and only banking office located at 255 California Street, Suite 600, San Francisco, will initially operate under the name New Resource Bank as a division of Amalgamated. Amalgamated’s main office is located at 275 Seventh Avenue, New York, New York.

Based on financial statements as of March 2018, the combined banks will have assets of approximately $4.5 billion, with combined assets under custody and management of $41 billion. As part of the merger agreement, New Resource’s parent, New Resource Bancorp, merged with New Resource.

New York currently has a total of 139 state chartered commercial banks, savings banks and bank holding companies, 16 state chartered credit unions, 84 foreign branches, 10 foreign agencies, and 27 representative offices, with assets totaling more than $1.8 trillion.