Bill Miller, Chairman and CEO
Bank of Labor
Bank of Labor, the nation’s largest union-owned bank, is charting record growth while strengthening its commitment to organized labor, Chairman and CEO Bill Miller said.
“We’re the Boilermakers’ bank,” Miller told union leaders. “There is not another labor organization like us in the United States. We are union. We try to serve the market in a unique way.”
Founded more than a century ago, the bank employs 120 staff across the country and focuses on serving union members, training centers and local lodges. “We look at it as our job to help you when you need us,” Miller said.
The past year tested that mission. In 2024, the bank faced an “unprecedented issue” that forced a rapid relocation of its headquarters. Despite the disruption, Miller said, the bank reported record earnings, record loan growth and resumed paying shareholder dividends for the first time in 20 years.
“We hit a billion in deposits in 2025,” he said. “That’s a lot of money and a lot of responsibility.”
Miller emphasized that the bank’s goal is not maximum profit but sustainable growth. “Our objective isn’t to be the most profitable bank on the market, but we don’t want to be the least profitable either,” he said. “I want to reinvest dollars to grow the bank.”
Bank of Labor is restructuring its labor division, adding more staff and resources to better connect with locals nationwide. It is also making major investments in technology, including card services and trust management to core banking systems and fraud prevention.
“Younger generations don’t want a bank. They want an app,” Miller said. “Our banking products are now in line with the big banks.”
Fraud prevention remains a top priority. “It used to be people would hack you and take your money,” Miller said. “Now, people convince you to walk into your bank and move your money. There’s going to be a lot of time and effort invested to prevent fraud.”
He urged locals to adopt Positive Pay, a fraud protection tool, calling it “essential.”
Miller said higher interest rates have boosted profitability, but he is confident the bank can adapt as conditions change. “Lower interest rates don’t scare me,” he said.
Bank of Labor is also seeing success financing training centers across the country, an area Miller said demonstrates its role in advancing the broader labor movement.
“We want you to have access to better banking. That’s a coupling of technology and people,” he said. “If we don’t answer the phone, we won’t be there for labor. Our objective is to set our organization on a path that it will exist long after I’m gone.”