Values-based bank showcases its growth and dedication to the environment and community in its robust report
ST. PETERSBURG, Fla., July 09, 2024 (GLOBE NEWSWIRE) — Climate First Bank, the world’s first FDIC-insured digital community bank founded to combat the climate crisis, announced today the release of its 2023 Impact Report. Committed to its mission and accountability as a leader in values-based banking, Climate First Bank’s Impact Report measures its impact on the environment and communities.
“I founded this bank with a mission to better the world through finance, and it is an honor to see those intentions directly reflected in our latest Impact Report,” said Climate First Bank Founder and CEO Ken LaRoe. “We are setting a standard, that even as one of the fastest-growing new banks in the United States, success can be achieved both profitably and sustainably. Our 2023 Impact Report affirms that we remain dedicated to our commitments and are consistently making progress.”
Read the entire report here. Highlights from the 2023 Impact Report include:
- Outstanding Growth – In 2023, Climate First Bank grew its assets by 93%, loan portfolio by 97% and total deposits by 109%.
- Positive Environmental Impact – Climate First Bank’s operations have been net-zero since it opened its doors in June 2021. The bank’s emissions are 100% offset with community-improving climate projects and were reduced by nearly one ton of carbon dioxide equivalent per employee from 2022. Measurements cover all of Scope 1, 2 and a significant portion of Scope 3 emissions, calculated by its partner We Are Neutral. Through its 1% for the Planet commitment, Climate First Bank gave $124K in 2023 to environmental nonprofits. Since its inception, the bank has donated over $204,000 to non-profit partners.
- B Corp Certification – On July 6, 2023, Climate First Bank, OneEthos and Climate First Bancorp became Certified B Corporations, earning an overall final assessment score of 98.6, well exceeding the 80 points required to become a B Corp. The points represent the companies’ high standards of verified social and environmental performance, accountability and transparency.
- Solar Successes – By leveraging the OneEthos Consumer Solar Lending Platform, Climate First Bank financed over $87.4M residential solar loans and supported over 1,870 households with access to solar. 16.7% of solar loans originated were in low-income areas. Over 43,000 kW of solar have been financed by Climate First Bank since its inception.
- Expanding Diversity – 65% of staff identify as women and 17% identify with an underrepresented population. Climate First Bank was also honored by the Orlando Business Journal’s 2023 Diversity in Business Awards for initiatives like Pride Banking, which supports LGBTQ+ nonprofits and provides inclusive, accessible banking to the LGBTQ+ community.
- Impactful Lending – In 2023, the bank originated $152M toward mission-driven projects and companies. Loan categories include healthy food, education, local manufacturing, health and well-being, solar, affordable housing and more.
- Community Growth – Climate First Bank launched its Employee Stock Ownership Plan (ESOP) banking program in 2023 to help companies smoothly transition to an ESOP structure, enabling a steady transfer of stock to employees over time through an established trust. This program helps small and medium-sized businesses in the community to uplift their employees and foster a sustainable and long-term succession plan. Over 300 employees have gained ownership through ESOPs financed by Climate First Bank.
Climate First Bank has been recognized as one of the United States’ fastest-growing banks, recently exceeding $690M in assets. The bank continues to grow and is currently expanding its team to align with ambitious growth plans, as well as remain on track to meet its impact goals in 2025. The bank recently brought on several new hires including:
- Vanessa Palomino, OneEthos Software Engineer
- Nestor Rubio, OneEthos Software Engineer
- Justin Bausick, Bank Officer Compliance Analyst
- Kristin Weissman, VP Public Relations
- Dale Thompson, VP Residential Lender
- John Seibt, VP, Sr. SBA Business Development Officer
- Ken Kovach, VP, Sr. SBA Business Development Officer
- Cheryl Martino, VP SBA Operations Manager
- Sanjay Dave, VP SBA Business Development Officer
Additionally, Climate First Bank is preparing to open a new office location in Downtown Orlando, which will be retrofitted to meet LEED certification standards, to continue to improve its service to the central Florida community. They have welcomed Tony Burns as the VP and Business Development officer to lead activity in the bank’s latest branch.
To learn more about Climate First Bank, visit climatefirstbank.com.
About Climate First Bank
Climate First Bank is a Certified B Corp, values-based digital community bank offering a complete, full-service portfolio of simple and easy-to-use traditional banking products. These products are powered by technology to meet the expectations of today’s consumers. In addition to offering standard banking services, the company places a special emphasis on non-governmental organizations (NGOs) and businesses committed to sustainability. Eco-conscious customers will find dedicated loan options for solar photovoltaic (PV), energy retrofits and infrastructure to help combat the climate crisis. The bank reports annually on its impact in line with corporate social responsibility goals, read the most recent Impact Report here. Member FDIC.
Media Contacts
Sierra Moorman
Uproar PR for Climate First Bank
smoorman@uproarpr.com
