Amalgamated Bank Chief Executive Derrick Cephas has resigned, after falling out of favor with bank Chairman Bruce Raynor, sources said.While Amalgamated went to a net loss of $1.2 million from net income of $7 million in 2009, the bank seems seems well-capitalized, Crain's said.
Mr. Raynor, who is president of garment workers union Workers United, had grown frustrated with the union-owned bank's results in recent years, a banking source said. The CEO's resignation also follows a period during which the bank was in the middle of a protracted dispute between the garment workers and hotel workers unions. As per a divorce agreement reached last summer, Mr. Raynor's union held on to the bank.
A fierce dispute for a former board member
Meanwhile, a much stranger tale involves former ESDC board member Joseph Holland, as detailed in a long Amsterdam News article headlined HARLEM RUMBLE (reg. req.).
It involves a project, Uptown Grand, with broker Thomas Lopez-Pierre, which has gone very wrong.
In copious detail, Lopez-Pierre calls Holland "the Black Bernard Madoff." Holland and relatives have had Lopez-Pierre arrested for stalking and aggravated harassment.