Nick Weaver, president and chief operating officer of ABOC, sits behind his desk in the bank’s Chicago branch. ABOC is the new name of Amalgamated Bank of Chicago. (Photo by Kevin Beese/Chronicle Media) 

Chicago’s oldest union bank has a new name. 

What was Amalgamated Bank of Chicago, formed more than 100 years ago by members of the Amalgamated Clothing Workers Union, is now ABOC. 

Nick Weaver, president and chief operating officer of ABOC, said the rebranding sends the message that the financial institution is not going anywhere. 

“We have been around 102 years and we’re working on the next 102. We want to grow,” Weaver said. “It is an incredibly competitive industry and people have lots of options. Our rebranding shows we are not in this for the short term.” 

Weaver, who has been president of the bank since March, said it seemed like the perfect time for the rebrand, spreading the word about the bank’s work. 

“We are looking to increase public awareness and alter the perception of the kind of bank we are,” he said. 

Weaver noted that although union membership is in the bank’s history, individuals don’t have to be in a union to be part of ABOC. 

“Our mission is to serve businesses and working communities, and we do that to this day,” he said.

ABOC signage inside the Chicago branch (Photo by Kevin Beese/Chronicle Media) 

“We are unique in our union makeup. We still focus on unions. Many of our clients are union members. We have union board members and shareholders. 

“It’s in our DNA. We bring a hard-working community bank approach. The rebranding makes us a better bank for customers.” 

Weaver said there is a new energy and momentum at the bank since the pandemic. The bank continues to invest in technology to enhance clients’ experiences, he said. 

“I’m excited about the rebrand,” he said. “It’s not often in your career that you get to do something like this.” 

ABOC has two branches — one at LaSalle and Washington streets in Chicago; the other off of Interstate 88 in Warrenville. 

The switch to ABOC coincides with plans to grow the financial institution’s footprint. 

“We are not looking to be a nationwide bank, but we are looking to grow in the Midwest,” Weaver said.  

A pedestrian walks past ABOC’s Chicago branch. (Photo by Kevin Beese/Chronicle Media) 

The St. Louis and Milwaukee areas are on the radar for the financial institution, although there are no plans to open branches in either location in the short term. He said the pandemic showed that remote work and mobile banking do work. 

“Customers do not need to go to a bank to be served,” Weaver said, noting there are many ABOC customers in downstate Illinois and in other states. 

“We are not planning on building brick-and-mortar facilities. We see a lot of bank branches closing,” Weaver said. “Foot traffic at banks in down. We are not going to build branches. We will wait and see if we need them.” 

Weaver said his bank has had a relationship with unions in the St. Louis area for 20 years. 

“We have discussed building a branch there, but the need has not dictated it,” he said, “but it is a possibility.” 

He believes ABOC is in touch with people of the Midwest. 

“We feel we understand the Midwest and Midwestern values. We are a strong pillar of the community,” Weaver said. 

He said being a smaller financial institution is a benefit for customers. 

“All our customer services are under one roof. That makes us unique and sets us apart,” the Geneva

A sign inside the Chicago branch of ABOC (Photo by Kevin Beese/Chronicle Media)

resident said. “We are a little more nimble, a little quicker to make decisions to address customers’ needs.” 

He noted that ABOC does a large amount of business in Chicago with companies and institutions, not just with unions and union members. 

Weaver added ABOC will continue to have a large commercial banking and lending presence as it looks to grow. 

While eyeing other Midwestern cities for growth, ABOC also wants to make sure the Chicago area continues to get attention as well, he said. 

“We are looking to reintroduce ourself to Chicago,” Weaver said. “The rebranding will do that.” 

He said the bank is deeply committed to the communities it serves, going back to its core values. 

“We have a lot of community involvement,” Weaver said. “Last year, we invested more time and resources into the community than we ever have, and we are on pace to exceed that this year.” 

Weaver, who has been in banking for 24 years, noted the bank donates to community groups, conducts food and clothing drives, and sponsors local events. He said bank employees volunteer with Habitat for Humanity and provide financial literacy programs. 

He said the bank has local high school and college students as interns, giving them a start in financial careers. 

“Our community reinvestment is very robust for a bank our size,” Weaver said. “We are committed to Chicago and the Chicago area.”  

Weaver, who was with MB Financial for 17 years, said the opportunity with ABOC gave him a chance to be a leader at another level. 

He said that ABOC customers will be able to use their Amalgamated Bank of Chicago checks and debit cards without incident and will be issued ABOC checks and debit cards as needed. 

Weaver said current clients have given a thumb’s up to the name change. 

“We are doubling down on products and services,” Weaver said. “We are investing in bigger and better things for our customers. 

“We have been a trusted partner for 102 years and we are not resting on our laurels. We continue to invest in products. We want the banking experience to be a positive one for our customers. 

“It shows the stability of our bank. We have been around a long time. We care about our customers and our products. The rebrand is proof we plan to be around longer.” 

kbeese@chronicleillinois.com