Climate First Bank Shows Significant Growth in 2023 Impact Report
July 09 2024 - 10:49AM
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 MoormanUproar PR
for Climate First Banksmoorman@uproarpr.com