A green bank sprouts in Chicago
On June 16, 2009, The Chicago Tribune reports on a new crop of green banks sprouting up in Chicago. Becky Yerak, of Tribune Newspapers, writes, “In recent months, investor groups in Illinois and Pennsylvania have gotten regulatory approval to open GreenChoice Bank in Chicago and e3bank in Malvern, Pa., joining New Resource Bank in San Francisco, Green Bank in Houston and First Green Bank in Eustis, Fla.”
These banks market their green policies by offering lower interest rates on loans to green builders and borrowers who buy fuel-efficient cars and incentives to depositors who opt out of paper installments. Research firm Mintel surveyed consumers, of whom 56 percent found paperless accounts to be genuinely ecologically friendly, not just a cost-cutting ploy.
With bank failures widespread through the country, GreenChoice Bank aspires to be one of the Midwest’s first green lenders. “Sustainability has entered the mainstream, as evidenced by the ubiquity of ‘green’ messaging and reporting in the media,” said GreenChoice’s application with the Office of Thrift Supervision. Steve Sherman, who will be GreenChoice’s chief operating officer, is accredited in green building practices by Leadership in Energy and Environmental Design, or LEED. On June 2, 2009, GreenChoice received conditional regulatory approval, and it hopes to raise $13.5 million to $16 million in capital.
In addition to the above mentioned benefits to green banking, GreenChoice Bank is pushing envelope-free ATMs and remote deposit capture, in which the business customer can deposit checks without visiting a bank. First Green Bank, which opened earlier in 2009, offers zero-interest loans to workers who buy cars that get more than 30 miles to the gallon.
Tags: Becky Yerak, Chicago Tribune, Green Exchange, GreenChoice Bank