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Financing for Green and Sustainable Resources - New Resource Bank
Community BankingWhat is a "community bank"? A community bank draws upon the knowledge and expertise in the community and uses this insight to provide customized and differentiated lending and banking solutions.New Resource Bank - San FranciscoThe San Francisco-based "New Resource Bank" organizing group formed in 2005 to build a bank that was "by the people and for the people" of their community. The founding organizers brought together an unparalleled blend of proven entrepreneurial success along with deep banking expertise and community leadership.Prior to opening, 240 founding shareholders subscribed to $24.75 Million of the Bank’s stock offering. The offering was strongly supported by the community, with $35 Million in subscriptions representing a 60 percent over subscription from the original offering targets of $20 to $22 Million. This is one of the largest initial capitalizations for a start-up bank in Northern California. The shareholders of New Resource Bank have built leading Bay Area companies as well as leading green and sustainable businesses. They are part of the New Resource Community, which the Bank draws upon to tap broader networks and knowledge to serve its clients. It's the old fashioned benefits of a community bank matched together with an innovative bank.
California Supports Community BankingIn late 2007, State Treasurer Bill Lockyer deposited $10 million from a State investment account run by his office with New Resource Bank, the nation’s first commercial ‘green bank.’"Deposits at New Resource Bank are used to finance projects that benefit our environment, our economy and our communities. This deposit will help the bank provide financing for developers who want to build green, and homeowners who want to reduce their electricity bills and fight global warming by equipping their houses with solar power." Lockyer stated. New Resource Bank reported 2007 figures of $118 million in assets and $45 million in outstanding loans, mostly for green projects or companies producing green materials. In addition to operating as a full-service community bank, New Resource provides loans for environmentally conscious projects, including alternative energy, clean tech, organic farming, and sustainable home and office construction. For example, the bank has provided financing for a housing-retail development in Berkeley, California that is using an energy efficient design. New Resource CommunityMembers of the New Resource Community are working in our community through investing, activism, sharing and teaching. The New Resource Community is people who share the values that efficiency and sustainability are new resources for community prosperity. Starting in the San Francisco Bay Area, the banking community is formed by members of their New Resource Community as the community bank that will serve and help grow that community.
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