WL Ross, Yucaipa Take $100M Stake In Amalgamated Bank

Law360, New York (September 26, 2011, 1:23 PM EDT) -- Capital-hungry Amalgamated Bank, the nation's lone union-owned bank, said Monday that distressed debt investor WL Ross & Co. LLC and Ron Burkle's Yucaipa Companies LLC each planned to take a 20 percent equity stake in it for a total of $100 million.

The bank, which has 27 branches in New York City, three other states and Washington, D.C., and $4.5 billion in assets, called the current economic climate "challenging" and said the investments would keep its capital levels in line with federal and New York state...
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