The Bank That Has Labor’s Back

Bank of Labor Powers Unions with Financial Strength

OVERLAND PARK, KS / ACCESS Newswire / June 20, 2025 / Bank of Labor has been a pivotal player strengthening the financial foundation of workers.

The International Brotherhood of Boilermakers founded the bank in 1924 to provide workers with resources they were often denied.

One hundred years later, many banks welcome union money but do not fully embrace the Labor movement. Unlike these institutions, Bank of Labor leads with a purpose - consolidating union capital to benefit workers, responding to client needs with urgency, and investing in projects that strengthen the Labor movement.

What makes this institution thrive where others faltered? Why are more unions moving their money to a Labor-focused financial institution? I set out to answer these questions by speaking with the bank's leadership and its customers, union leaders who are leading from the front, planting the seeds for their memberships' future and leaning into Bank of Labor for advice and resources.

Understanding Labor's Needs

Banks that operate with a one-size-fits-all approach don't recognize the financial needs of union organizations. There can be significant differences in providing Treasury Management solutions for large international unions compared to meeting the needs of Locals or joint apprenticeship training centers (JATC).

A JATC loan must account for several factors, including debt levels, repayment terms, and employer participation - ensuring a customized solution that meets the borrower's needs. "First and foremost, what we provide each of our customers helps drive their results," Mike Snowden, Labor Market President at Bank of Labor, said. "Unions play a vital role for America's workforce, providing fair wages, effective training, and essential protections. We've built a framework of solutions that directly support their mission, making it easier for them to focus on what matters most - advocating for members and growing organizations. Our customers understand - we've got their backs."

For unions, this translates into tangible benefits. Deposit products ensure funds don't sit idle, specialized lending solutions provide growth and unparalleled flexibility.

"When we first tried to finance our union hall upgrade, we went to a large multinational bank. But it felt like the old story - big business looking down their nose at Labor. They didn't see the value in what we were building," said Aaron Butler, Plumbers and Pipefitters UA Local 469.

"Then we talked to Bank of Labor," he said. "It wasn't just a transaction; it was a real conversation. They understood our vision and our industry. With their help, we secured the loans, expanded our union hall, and later built a new training center to support our growing membership, now more than 5,300 strong, nearly four times what it was. We talked to other banks, but Bank of Labor stood out. They share our core values. Our workers and their families come first - always. And Bank of Labor is there to back us up. I wouldn't use anyone else. Labor's money backing Labor."

Investing in the Future of Labor

For many unions, access to capital is critical to sustaining and expanding apprenticeship and training programs. Skilled worker shortages continue to be a pressing challenge, and unions must consistently invest in attracting members and workforce development.

Alise Martiny, International Vice President of the Operative Plasterers and Cement Masons' International Association, credits banking with Bank of Labor with building Labor's future. "They've been aligned with Labor for a century," Martiny said. "They understand our structure, mission, and requirements that other banks fail to recognize."

Security and Stability in an Uncertain Economy

Market fluctuations and financial instability create challenges for workers and organizations, necessitating solutions that address security and stability. Beyond protecting and growing members' money, Bank of Labor sets high standards and performs periodic client reviews to adapt to market changes. This approach enhances customer experience, combining innovation with tailored products and services.

Chris Hannan, President of the State Building and Construction Trades of California, represents 150 Local affiliates and 450,000 skilled workers. The organization retained Bank of Labor to effectively manage its consolidated members' funds formerly in many banks.

"Bank of Labor works hard to find us reliable solutions that protect our member investments," Hannan said. "From treasury to trust services, we must be good stewards of our members' money. The Bank's respect for our members and thoughtfulness in their solutions gives us an advantage to deliver members' results."

For Mike Treadwell, Business Manager of IBEW 42, the partnership with Bank of Labor proved to be a game-changer. "Aside from developing the perfect suite of financial services to cover all our bases, their responsiveness made a huge difference making our lives easier," Treadwell said. "We get a polite, knowledgeable person answering the phone who does not put them on hold or make them wait days to get answers."

Access to accounts and authorizations must follow union financial procedures which are often more complicated than most business practices, Treadwell explains. "We have some positions that need view-only access yet that is not possible with other banks. Bank of Labor makes our required checks and balances easy - offering exceptional protection."

A Bank That Lives Its Values

Bank of Labor isn't just a financial institution, it's a mission-driven organization standing with workers. A century ago, union banks provided workers with trusted financial access. Today, union solidarity remains a collective force to improve the lives of workers. Bank of Labor remains one of the few century-strong banks that has not only survived but thrived by championing Labor's needs.

Ryan Anderson, Business Manager and Secretary-Treasurer of the Painters District Council No. 30 in Aurora, Illinois, said, "Now more than ever, Labor must unite its capital to safeguard our livelihoods. Bank of Labor isn't just a bank - it's a deeply rooted partner that stands with us, supports our causes, and strengthens our financial future so we can focus on protecting and growing our membership." Banks offer treasury, lending, and trust services, but in the hands of a Labor bank, every solution is designed to align with Labor's values. April Sims, President of the Washington State Labor Council (WSLC) said: "Value alignment is incredibly important - supporting unions and Labor organizations. Bank of Labor initiated a comprehensive review of our needs and services to help us find where we can improve our financial performance, save time, and offer better protection against fraud and other concerns. We hadn't experienced that level of service with other banks." Bank of Labor demonstrates its commitment by unionizing its own workforce - an action that sets it apart from other financial institutions. "That is in Bank of Labor's vision statement, which it lives by," Sims added.

A Strategic Partner for the Next Century

"As unions navigate a changing economic landscape, having a bank that understands their unique needs has never been more important," according to Bob McCall, Bank of Labor's President. "By investing in union-backed projects, supporting workforce development, and ensuring union funds are protected and put to work for the benefit of Labor, Bank of Labor has become the most trusted financial partner for the Labor movement."

SOURCE: Bank of Labor