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Amalgamated Bank completes merger with New Resource Bank

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Amalgamated Bank completes merger with New Resource Bank

New York-based Amalgamated Bank completed its merger with San Francisco-based New Resource Bank.

As part of the deal, New Resource Bancorp merged with New Resource Bank, which then merged into Amalgamated Bank.

New Resource Bank's former chairman, Mark Finser, joined Amalgamated Bank's board. The remaining members of New Resource Bank's board will serve on Amalgamated Bank's strategic advisory board.

The combined bank will have assets of approximately $4.5 billion and assets under custody and management of $41.0 billion as of March 31.

According to S&P Global Market Intelligence data, Amalgamated Bank had total assets of approximately $4.17 billion, while New Resource Bank's assets were $364.4 million.