Climate First Bank Celebrates Breakthrough Year Surpassing $540 Million in Assets
The digital values-based bank shows impressive growth and prepares to scale outside of Florida
ORLANDO, Fla., Feb. 28, 2024 (GLOBE NEWSWIRE) — Climate First Bank, the world’s first FDIC-insured community bank founded to combat the climate crisis, releases its annual financial and operational successes in a letter to stakeholders that highlights the consistent demand for comprehensive, sustainable banking solutions and its strategic growth initiatives. The values-based, community-driven bank surpassed $540 million in assets in the last year, making a substantial impact on the banking industry and the environment. The financial institution is projecting a fruitful 2024. Read the full 2024 Stakeholder Letter by visiting www.climatefirstbank.com/stakeholder2024.
“Climate First Bank does business with a purpose. Our mission is to make sustainable finance accessible to everyone,” said Ken LaRoe, CEO and Founder of Climate First Bank. “Our model, which merges modern technology with a values-based, community-driven approach, is working. More people every day are joining our movement, voting with their wallets and banking like tomorrow depends on it. In 2023, we reached and exceeded many major milestones; now, we look forward as we prepare to exit de novo in June, and take Climate First Bank nationwide.”
Financial and Operational Business Highlights:
- Team Growth – Climate First Bank added experienced team members across the organization, growing to 74 total members. These new additions built out its branch teams, commercial banking team and its fintech subsidiary, OneEthos.
- Mission-Aligned Banking – Tracking mission-aligned loans, in 2023, Climate First Bank lent over $152 million to values-aligned purposes such as climate, commercial and consumer solar, affordable housing, healthy food and economic/workforce projects. Its deposit base grew 115% and the bank doubled down on commercial and residential solar lending. Climate First Bank also became a member of the Global Alliance for Banking on Values (GABV).
- Customer Expansion – In 2023, Climate First Bank experienced success across all customer platforms welcoming 2,150 new deposit account customers, resulting in $151.9 million in year-to-date deposit growth and $330.3 million in year-to-date deposit totals. Currently, Climate First Bank serves personal and business banking customers in 49 states.
- Physical Branches – The St. Petersburg branch relocated to a new building, and is seeking LEED Platinum certification once renovations are complete in summer 2024. Similarly, the Winter Park branch is the largest branch with $155 million in deposits and achieved LEED Platinum certification following its retrofit last year. Climate First Bank’s Eustis/Mount Dora branch is finalizing plans for a permanent location on Highway 441 in Mount Dora.
- Digital Branch – Climate First Bank invested in its digital-first approach, adding 742 new digital customer accounts, with strong deposit balances of over $44 million. It made enhancements to its online and mobile banking app and digital consumer solar lending platform to enable the digital branch to support fast growth and provide a best-in-class customer experience. The digital team successfully processed over 1,500 approved solar loans and booked over $83 million in residential solar loans.
Climate First Bank is continuing its success as it prepares to exit its de novo status on June 1, 2024, and plans to scale outside the state of Florida to bring values-based banking solutions nationwide. In 2024, its fintech subsidiary, OneEthos, is pushing boundaries by rolling out a new online account opening experience and impact banking platform aimed to attract and retain customers and enable customers to align the impact of their spending and saving with their unique personal values.
Climate First Bank serves personal and business banking customers in 49 states. 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 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
Erica Torres
Uproar PR for Climate First Bank
[email protected]
