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AMALGAMATED BANK OFFERS LOW INTEREST LOANS ON CARS MADE BY UNION MEMBERS IN THE U.S.A.; BANK HOPES TO BOOST CAR SALES AND JOBS

AMALGAMATED BANK OFFERS LOW INTEREST LOANS ON CARS MADE BY UNION
 MEMBERS IN THE U.S.A.; BANK HOPES TO BOOST CAR SALES AND JOBS
 NEW YORK, Feb. 13 /PRNewswire/ -- Amalgamated Bank of New York announced today that it is offering low interest loans on new cars and light trucks manufactured by union members in the U.S.A. Bank officials said they hope the program will give a boost to American workers and consumers during these tough economic times.
 "The Amalgamated Bank has always served working people," said Jack Sheinkman, board chairman of Amalgamated. "This program is designed to protect and create jobs for American workers by increasing sales of the products they build."
 Amalgamated announces the special rates in advertisements running today in the New York Post, New York Daily News and New York Newsday. The bank offers 6 percent annual percentage rate (APR) financing on new cars and light trucks manufactured by union members in the U.S.A. If the borrower is a union member, the rate drops to 5 percent APR. Bank officials said the terms for qualified buyers are 15 percent down and repayment in 48 months.
 "Americans who work for a living need help right now," said Gabriel Caprio, Amalgamated president. "These great rates will save consumers money while helping boost the sales of cars made in this country by union workers."
 The Amalgamated Bank of New York has a long history of helping working Americans and promoting programs to strengthen the American economy. Established in 1923 by the Amalgamated Clothing Workers of America (now the Amalgamated Clothing and Textile Workers Union -- ACTWU), its main purpose is to provide affordable banking services to the labor movement and to all working men and women, especially low and middle income families.
 The Amalgamated Bank of New York, a member of the FDIC, is one of the strongest banking institutions in the nation with over $1.8 billion in assets.
 Consumers are asked to call 212-620-8655 for further details on loans.
 -0- 2/13/92
 /CONTACT: Robert Nelson of Amalgamated Bank, 212-620-8616/ CO: Amalgamated Bank ST: New York IN: FIN SU:


TW -- DC003 -- 9579 02/13/92 09:11 EST
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Publication:PR Newswire
Date:Feb 13, 1992
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