Bank of Labor, originally established in 1924 as Brotherhood State Bank, is marking its centennial milestone. Founded by the International Brotherhood of Boilermakers, it aimed to provide reliable banking services for union members and labor organizations, setting itself apart from mainstream banks that often overlooked working-class needs.
Chairman and CEO Bill Miller highlighted the bank’s foundational mission: “In those days, banks didn’t want to do business with American workers,” he said. The bank continues this legacy today from its headquarters in Overland Park, Kansas.
Miller emphasized the institution’s commitment to supporting labor: “We couldn’t exist without labor,” he stated. Unlike profit-driven banks, Bank of Labor focuses on transparency and ethical practices aligned with worker interests. “We don’t invest in things that undermine labor rights,” Miller noted.
The bank underwent significant transformation in 2012 when it rebranded from Brotherhood Bank and Trust to Bank of Labor. This change was part of a strategy to expand nationally while maintaining a focus on serving the labor movement.
“For the last 100 years, we’ve found a way not only to remain relevant but to compete with any bank in the United States,” said Miller. The institution reached a billion-dollar asset threshold last year.
President Bob McCall pointed out the importance of personal service: “We really work hard to bring a personal approach to everything we do.” He added that employees take personal interest in client interactions.
International Brotherhood of Boilermakers’ President Tim Simmons praised the bank’s continued support for labor: “Banking with the bank we formed 100 years ago…is more than a financial decision; it’s a show of solidarity.”
Miller affirmed their ongoing mission: “Labor unions are focused on helping their membership… We’re here to be a financial partner.” The bank remains majority-owned by the Boilermakers union.
Despite an industry dominated by corporate giants, Bank of Labor stands as an example of solidarity and vision. As Miller concluded: “In a world where people ask, ‘Who is standing with labor?’—we are!”
