New Resource Bank

New Resource Bank is a San Francisco, California-based bank which is a part of Amalgamated Bank.[1][2][3][4][5]

New Resource Bank
TypePrivate
IndustryBanking, Financial services
Headquarters
San Francisco, California
ParentAmalgamated Bank
Websitehttps://www.newresourcebank.com/

The bank is insured by the Federal Deposit Insurance Corporation and offers commercial loan and deposit products, specializing in renewable and alternative energy, green building, organic food, and green products and services. It also offers personal banking accounts.

New Resource’s lending decisions factor in a sustainability measurement. The bank's goal is a loan portfolio invested 100 percent in businesses that are advancing sustainability. All new loan recipients must be green businesses or committed to improving their operational sustainability and managing their impact on society and the environment.[6][7]

New Resource is a founding member of the Global Alliance for Banking on Values,[8] a Green America certified business,[9] and a San Francisco certified Green Business.[10]

Vince Siciliano, the current CEO of New Resource Bank, is also an advisory board member of the American Sustainable Business Council.[11][12]

History

New Resource Bank was founded in 2006.[13] The bank opened with 240 founding shareholders, including Triodos Bank and RSF Social Finance. It now has about 360 shareholders; major shareholders include the Generation IM Climate Solutions Fund in addition to Triodos and RSF.

In 2010 New Resource became a B Corporation.[14] B Corporations meet comprehensive social and environmental performance standards. New Resource Bank, which has been traded publicly in the over-the-counter market since its early days, was the first publicly traded company to become a certified B corporation.[15] After the merger with Amalgamated Bank in May 2018, which is not a public company, New Resource Bank was no longer publicly traded.[16][17]

During the Occupy Wall Street movement in 2011 a number of financial institutions including New Resource Bank sought to draw customers from more traditional financial institutions.[18]

In May of 2018 New Resource completed a merger with Amalgamated Bank.[2][3]

References
  1. Roose, Kevin (2011-11-03). "Amid Wall Street Protests, Smaller Banks Gain Favor". The New York Times. Retrieved 2016-07-11.
  2. "Amalgamated Bank Completes Merger with New Resource Bank". GlobeNewswire News Room. May 21, 2018. Retrieved 2018-05-31.
  3. "Amalgamated Bank Completes Merger with New Resource Bank". New Resource Bank. May 21, 2018. Retrieved 2018-05-31.
  4. Gilbert, Jay Coen (April 20, 2018). "'Too Good To Fail': Big Ideas For A Big Bank With Values". Forbes. Retrieved 2018-05-31.
  5. Calvey, Mark (December 15, 2017). "Second Bay Area community bank bought this week". San Francisco Business Times. Retrieved 2018-05-31.
  6. "New Resource Bank | Who We Finance". New Resource Bank. Retrieved 2016-07-11.
  7. Schultz, Clark (2011-05-05). "New Resource Bank: The Green Bank You Are Looking For". GreenBankReport. Archived from the original on 2015-02-08.
  8. "Global Alliance – For Banking on Values ~ GABV Commits at the Clinton Global Initiative". Global Alliance for Banking on Values. 2009-09-25. Retrieved 2016-07-11.
  9. "Green Pages: New Resource Bank". GreenPages.org. Green America. Retrieved 2016-07-11.
  10. "New Resource Bank". San Francisco Green Business. City and County of San Francisco. Archived from the original on 2016-08-17. Retrieved 2016-07-11.
  11. "Advisory Board". American Sustainable Business Council. Retrieved 2016-07-11.
  12. vanden Heuvel, Katrina (2011-02-16). "Time for a New Economy". The Nation. ISSN 0027-8378. Retrieved 2016-07-11.
  13. Rich, Sara (2006-11-15). "Worldchanging | Evaluation + Tools + Best Practices: New Resource Bank". Worldchanging. Archived from the original on 2015-09-09.
  14. "New Resource Bank | B Corporation". www.bcorporation.net. B Lab. Retrieved 2016-07-11.
  15. "FAQs about Public Companies and B Corp Certification". www.bcorporation.net. B Lab. Retrieved 2016-07-11.
  16. "Amalgamated Bank: Private Company Information - Bloomberg". Bloomberg. Retrieved 2018-06-01.
  17. "New Resource Bank: Private Company Information - Bloomberg". Bloomberg. Retrieved 2018-06-01.
  18. Enetz, Anya Kam (2011-11-04). "The Financial Institutions Banking On Occupy Wall Street's "Move Your Money Day"". Fast Company. Fast Company, Inc. Retrieved 2016-07-11.
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