New Resource Bank is a

San Francisco, California San Francisco (; Spanish for "Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous in California and 17th ...

-based bank which is a part of

Amalgamated Bank Amalgamated Bank () is an American financial institution. It is the largest union-owned bank and one of the only unionized banks in the United States. Amalgamated Bank is currently majority-owned by Workers United, an SEIU Affiliate. Founded on ...

. The bank is insured by the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cre ...

and offers commercial loan and deposit products, specializing in renewable and

alternative energy Renewable energy is energy that is collected from renewable resources that are naturally replenished on a human timescale. It includes sources such as sunlight, wind, the movement of water, and geothermal heat. Although most renewable energy ...

, green building,

organic food Organic food, ecological food or biological food are food and drinks produced by methods complying with the standards of organic farming. Standards vary worldwide, but organic farming features practices that cycle resources, promote ecological ...

, and green products and services. It also offers personal banking accounts. New Resource's lending decisions factor in a

sustainability measurement Sustainability measurement are tools and methods that attempt to measure the degree of sustainability of processes, products, services, businesses and so forth. Sustainability is difficult to quantify, perhaps even immeasurable. The metrics used to ...

. 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. New Resource is a founding member of the

Global Alliance for Banking on Values The Global Alliance for Banking on Values (GABV) is an organization of independent values-based banks. Structure The GABV consists of over 60 member banks, credit unions and microfinance institutions, from a total of 44 countries, serving more ...

, a

Green America Green America (known as Co-op America until January 1, 2009) is a nonprofit membership organization based in the United States that promotes environmentally aware, ethical consumerism. Founded in 1982, by Paul Freundlich, Green America states th ...

certified business, and a San Francisco certified Green Business. Vince Siciliano, the current CEO of New Resource Bank, is also an advisory board member of the American Sustainable Business Council.

History

New Resource Bank was founded in 2006. The bank opened with 240 founding shareholders, including

Triodos Bank Triodos Bank N.V. is an ethical bank based in the Netherlands with branches in Belgium, Germany, United Kingdom and Spain. It was founded in 1980. Triodos Bank finances companies which it believes add cultural value and benefit to both people ...

and

RSF Social Finance RSF may refer to: Entertainment and sports * Rainbow Serpent Festival, an arts, music and lifestyle festival in Victoria, Australia * Referee stopped fight, in boxing * Right Said Fred, British music band * Royal straight flush, a hand in poke ...

. It now has about 360 shareholders; major shareholders include the Generation IM Climate Solutions Fund, Triodos and RSF. In 2010 New Resource became a

B Corporation In the United States, a benefit corporation (or in several jurisdictions including Delaware, a public-benefit corporation or PBC) is a type of for-profit corporate entity, authorized by 35 U.S. states and the District of Columbia, that includ ...

. 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. After the merger with Amalgamated Bank in May 2018, which is not a public company, New Resource Bank was no longer publicly traded. During the

Occupy Wall Street Occupy Wall Street (OWS) was a protest movement against economic inequality and the influence of money in politics that began in Zuccotti Park, located in New York City's Wall Street financial district, in September 2011. It gave rise to the ...

movement in 2011 a number of financial institutions including New Resource Bank sought to draw customers from more traditional financial institutions. In May 2018 New Resource completed a merger with

References

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External links

New Resource Bank
Banks based in California Benefit corporations 2006 establishments in California Companies based in San Francisco