ORLANDO, Fla., June 04, 2024 (GLOBE NEWSWIRE) -- Climate First Bank, the world’s first FDIC-insured bank founded to combat the climate crisis, today announces its exit from regulatory de novo status, following its three-year anniversary in operation. This major milestone marks a new chapter for the bank as it begins preparations to expand nationwide and fully execute its mission to make sustainable banking accessible to all.
Climate First Bank, having seen unprecedented success since its inception, has fulfilled all requirements necessary to exit de novo status, a period of heightened regulatory oversight for start-up banks. Since 2021, the bank has demonstrated its ability to achieve sustainable growth, expand its products and services, and reach consistent profitability.
“Our foundation is, and always will remain rooted as a values-based bank that puts its customers and the environment first,” said Ken LaRoe, Founder and CEO of Climate First Bank. “We are thrilled to have fulfilled the necessary requirements to reach this monumental achievement, as it allows us to continue our momentum and expand our footprint nationwide. This opens doors to so many new opportunities and possibilities, including setting a national standard for community-first sustainable finance.”
The bank’s core mission is to enable customers to use their finances as a force for good. To deliver this, the bank provides unique mission-based products to business and personal banking customers in Florida. As the bank exits de novo and expands across the United States, it will enable customers nationwide to access the full portfolio of sustainable banking products and services. A key part of the bank’s portfolio of products are its accessible, transparent, and affordable consumer and commercial solar loans, designed to bring solar to everyone regardless of income, location or background. Since the solar loan program’s inception in 2022, the bank has facilitated solar panels on over 2,000 homes in Florida.
The bank currently provides its unique products and services to over 10,700 business and personal account holders across the United States via its advanced digital banking platform and with three brick and mortar locations in Florida. As the bank exits de novo, it plans to continue to grow its Florida footprint with branches in Tampa, Orlando and Jacksonville. The digital branch will continue to enhance its services and usability for customers across the nation.
The bank recently surpassed $650 million in assets and earlier this quarter achieved SBA preferred lender status. This steady cadence of milestones has set the foundation for Climate First Bank’s impressive viability within just three years of operation. To accommodate increasing customer demands and to build out offered services, the bank has onboarded several new employees including Maria Castillo as Marketing Associate, Rob Perry as AVP, Assistant Branch Manager and Samantha Gonzalez as Business Operations Manager for the bank’s fintech affiliate, OneEthos.
“Climate First Bank’s success as a de novo bank demonstrates the potential of values-based banks not just in the state of Florida but across the United States,” said Chris Cucci, SVP, Chief of Staff at Climate First Bank.
Climate First Bank serves personal and business banking customers nationwide. For more information on Climate First Bank, please visit https://www.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
