New Commercial Bank Targets Green Businesses

November 14, 2006

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A new commercial bank in San Francisco is focusing on green business sectors. New Resource Bank has attracted an investor group which raised $24.7 million. Founding investors include Bay Area and national leaders in business and in corporate environmental sustainability, such as Mitch Kapor, founder of Lotus Development, Lee McIntire, president of CH2M Hill Companies Ltd., Lisa Gansky, co-founder of Ofoto, Ray Anderson, founder and chairman of Interface Inc., and Paul Dolan, co-founder of Mendocino Wine Company.

The bank is modeling itself after Silicon Valley Bank, which began with one branch in San Jose in 1983. By catering to technology and life sciences businesses – trying to understand them and respond to their needs better than large banks did, San Jose Mercury News reports.

Clients include SunPower, Veritable Vegetable, Berkeley Mills, Pacific Community Ventures and the Social Venture Network.

Last month, the bank announced a solar home equity financing program with SunPower.

The bank’s space has been designed and built to the standards of a high LEED certification. The build-out used recycled and rapidly renewable materials, low-energy consumption lighting and HVAC, and paints and adhesives that had low fumes and no toxins. Customers are also encouraged to use efficient banking solutions. New accounts come with free online-banking service and e-statements; and the bank’s courier service relies on public transit or an energy efficient gasoline-electric hybrid.

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