OPEIU 153 Members Ratify New Contract at Amalgamated Bank; New Loan Announced for Affordable Housing in Southeast DC

Wednesday, February 13, 2013

(Metropolitan Washington Council, AFL-CIO)Employees at Amalgamated Bank – members of OPEIU Local 153 – have reached a new three-year agreement, ratified by a margin of more than four to one. All members will receive annual wage increases of 2.5%, 2.5%, and 2.75% over three years, as well as affordable quality health insurance and a one-time buyout per year of $1,500 if they have alternative health care. “Now we can focus on providing quality services for our customers,” said Chief Steward Gil Yellinek. In related news, the bank recently announced the latest in a series of loans Amalgamated has made to finance multi-family affordable housing units in Southeast Washington. “Unfortunately, our nation’s capital really remains two distinct cities,” Amalgamated Regional Office Director and Senior VP Keith Mestrich told Union City. “One city filled with glamorous buildings, million dollar homes and substantial wealth; another city characterized by deep pockets of poverty, high unemployment and homelessness. Few lenders are willing to support projects in the economically distressed parts of the city where the need is greatest.” The loan is financing 27 housing units in the city’s Marshall Heights neighborhood and is “the fourth loan supporting affordable housing units we have made in recent months and contributes to the Bank’s mission to support the needs of working men and women,” Mestrich added.

 

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