How Two Billionaires Rescued a Union Bank

Started by garment workers in 1923, Amalgamated got $100 million from Ross and Burkle last year
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Amalgamated Bank, the nation’s largest union-owned lender, was almost ruined after the housing bust by soured real estate deals. By August 2011, it was on its way to a $12 million annual loss, and the Federal Deposit Insurance Corp. ordered it to clean up its act. “Regulators were threatening significant sanctions and possibly closing,” says Chief Executive Officer Ed Grebow. “We desperately needed capital.”

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