New Resource Bank Opens in San Francisco

SAN FRANCISCO--(BUSINESS WIRE)--New Resource Bank, an innovative bank focusing on serving entrepreneurs and sustainable businesses, today announced its opening with the launch of their on-line banking platform, www.newresourcebank.com. The new bank is responding to a market demand for more customized banking and by focusing on a growing wave of green or sustainable businesses and the people who value them. New Resource Bank is located at 405 Howard Street in San Francisco.

“Fostering connections to help clients reduce waste, design for efficiency, and improve the health and wellness of their work or home environments can improve their bottom line”

“We’re drawing in customers with a new standard in customer service and through our deep understanding of our clients’ business,” says Peter Liu, initial founder and vice chairman of New Resource Bank. “Part of our strategy is to meet head-on the growing green business market—while giving our depositors a safe and sound way for their money to work consistently with their values.”

Focusing on Fastest Growing Sectors

“New Resource Bank is in the right place at the right time,” says Roger Smith, the former CEO of Silicon Valley Bank and a founding investor in New Resource Bank. Indeed, recent developments, especially in California, point to stimuli that could accelerate the growth of sustainable businesses. California recently passed AB32, legislation that commits the state to cut greenhouse gas emissions by 25 percent by 2020. The resulting expansion of clean energy technologies is predicted to create 17,000 jobs and boost the state’s economy by $60 billion, according to a UC Berkeley study. “Clean Tech is one of the fastest growing segments of venture capital—passing semiconductors as the fifth largest investment category,” said Bob Epstein, a bank board member and co-founder of Sybase and Environmental Entrepreneurs.

Other green business sectors such as organics and green real estate are similarly growing much faster than the rest of the economy. Liu discovered the need for a bank like New Resource while assisting the California State Treasurer’s office and California’s two giant pension funds, the California Public Employees’ and California State Teachers’ Retirement Systems review green investing options. Both pension funds have committed to and implemented significant green investing programs.

Bank supported by Leading Entrepreneurs and Bankers

The idea for New Resource Bank has attracted a world-class founding investor group who raised $24.7 million in equity capital in just two months (after returning over $10 million in funded over-subscriptions), which is one of the largest initial capitalizations for a new bank in Northern California. 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. Another founding investor is Triodos Bank, Europe’s pioneer in sustainable banking with offices in five countries. The bank has doubled its assets during the past five years to $3.7 billion. “We have proven that a bank can attract deposits broadly if customers identify with the mission of the bank,” says Peter Blom, chief executive officer of Triodos.

Along with world-class founding investors, New Resource Bank has attracted a top-notch banking team and board. Co-founder and chairman of the board Daniel Yohannes is an accomplished banker who previously was vice chairman at US Bank, managing the consumer and commercial banking operations of the seventh largest bank in the US. Peter Liu has a 20-year-résumé in banking, energy, and environmental protection. He previously was a senior banker at Credit Suisse First Boston and the Chase Manhattan Bank, where he specialized in project finance and energy sector banking. The team also rounds out with deep local banking expertise in bank president Clay Jones and chief operating and credit officer, Chris Olson. Jones most recently served as the chief operating officer and acting president of Cupertino National Bank, and held prior positions at Comerica Bank and Silicon Valley Bank. Olson joins with 35 years of Bay Area banking experience, including Bank of America and Mount Diablo Bank. Together, the bank’s leadership has over 200 years of banking experience and has helped manage $50 billion in asset growth.

In addition to Epstein, other outside directors include Fran Streets, a long-time San Francisco banking executive and bank director; Rick Holmstrom, co-founder of Menlo Equities, a regional commercial real estate company; Rosemary Oda, a Pillsbury Winthrop attorney who was also the former general counsel of the California Department of Financial Institutions; Mark Finser, president of RSF Social Finance and Michael van den Akker, co-founder of Baker Street Advisors, a wealth management firm.

Redefining Community Banking

New Resource Bank is set to redefine community banking, starting in the Bay Area— which has the country’s most entrepreneurial economy and is also home to many green businesses. “For me, this is truly a place where banking gets personal, a bank that is for us, and in many ways by us—the New Resource Community,” says Lisa Gansky. To Gansky and other founding shareholders, the community is a broad cross-section of people and businesses that believe economic prosperity goes hand-in-hand with efficiency and sustainability. Bank chairman Yohannes sees this translating into great banking fundamentals. “I have grown major banking operations in a variety of markets, but the excitement and growth prospect of banking the New Resource Community is really remarkable,” says Yohannes. Having a well-defined strategy and providing value-add to clients will be the keys to success. “This is not a ‘me too’ bank, but one with a clear focus and plan.”

Focus, Customization and Innovative Products

Focus and customization have been the key to attracting some of the bank’s early clients. Clients from the target community include SunPower, Veritable Vegetable, Berkeley Mills, Pacific Community Ventures and the Social Venture Network, among others. The Bank is also financing greener real estate developments, making loans to urban infill, mixed-use projects that incorporate energy efficient designs. An example is the Southside Lofts, a mixed-use condo and commercial development in the city of Berkeley that replaced a run-down strip mall. With SunPower, a leading solar panel manufacturer, New Resource Bank has developed an innovative residential solar financing program. Under this program, homeowners can own solar for no initial investment and simply with a monthly payment. This new payment is in the same order as the reduction in their electricity bill. “New Resource Bank’s knowledge of our industry was a real differentiator,” says Vikas Desai, General Manager North America at SunPower.

Taking “green” to the Community

As a chartered and FDIC insured bank, New Resource Bank serves its community broadly, including businesses that are not “green.” Small and mid-size business clients in particular, favor the bank’s customized service, nimbleness and quick decision making. When opportunities arise, the Bank also plans to actively promote “green” ideas to these clients. As an example, the bank’s senior vice president for construction and real estate recently took conventional developer clients to the West Coast Green building conference to expose them to new green building options. “Fostering connections to help clients reduce waste, design for efficiency, and improve the health and wellness of their work or home environments can improve their bottom line,” says Liu. The bank has a good network to draw upon to make such connections. Among its 240 founding investors are national green building experts, clean tech venture capitalists and even the former president of the Organic Trade Association.

Doing More with the Depositors’ Money

In addition to knowing that their money is being invested in businesses and projects they support, the bank’s depositors will also enjoy 21st century conveniences in banking. This includes free ATM access nationally with fee-rebates and services that take the bank to its client via internet banking, online account opening and a mobile service representative that can help business clients at their own locations. Even when it comes to debit cards, New Resource Bank has designed a program that does more with its depositors’ money. The bank’s Visa Check Card comes with a Community Rewards program in which users can earn cash rewards for non-profit partners. When a bank customer uses his or her check card to make purchases, the bank will share a portion of its fee income to the non-profit partner. The bank’s first community partner is Marin Organics, a local group that has worked to preserve local sustainable agriculture. The bank will grow future Community Rewards relationships based on client input and board review.

Leading by Example

The bank’s belief in efficiency and sustainability comes alive in its office. The space, which has soaring ceilings and glass walls, has been designed and built to the standards of a high LEED (leadership in energy and environmental design) certification. The build-out incorporated extensive use of recycled and rapidly renewable materials, low-energy consumption lighting and HVAC, and paints and adhesives that had low fumes and no toxins. Banking officer Gabriela Selli comments, “My allergies are often triggered in new buildings; at the bank, I can breathe easily.” 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.

About New Resource Bank

New Resource Bank is a commercial bank in San Francisco that is setting a new standard in customer service while financing efficient and sustainable resources in its community. The Bank is founded by leading entrepreneurs, along with seasoned banking executives from national and local community banks. For more information, please go to www.newresourcebank.com.