Haute 100 Los Angeles Update: Ronald Burkle Offers Amalgamated Bank a Chance for Growth

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Amalgamated Bank, the nation’s only union-owned bank announced yesterday that financiers Ronald W. Burkle (a Haute 100 lister) and Wilbur L. Ross Jr. offered it a lifeline that gave them 41 percent ownership in the bank.

Both firms had invested an estimated $50 million; however, Burkle’s firm, Yucaipa Companies, brought in Magic Johnson Enterprises as an investor in the deal.

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Photo credit: LA Times

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