New Resource Bank opened its doors on September 19 after receiving final approval from the California Department of Financial Institutions and the Federal Deposit Insurance Corporation.
The state chartered bank opens with $24.75 million in equity capital, one of the largest initial capitalizations for a San Francisco Bay Area de novo bank. The bank increased its offering from the original offer range of $20 to $22 million after an oversubscription of more than 50%. Capital of the bank is contributed from 240 shareholders that include leading entrepreneurs who have built pioneering companies. Also among the founding shareholders are highly experienced bank investors with several current or former bank directors.
New Resource Bank intends to:
Set a NEW standard in customer service, by providing personal and business customers with convenient and attractive banking solutions delivered by highly experienced bankers.
Finance sustainable RESOURCEs in our community by lending to entrepreneurial community businesses and green businesses. The bank has specialized knowledge and networks to provide differentiated solutions to green and sustainable businesses and to help community businesses access options to improve their resource efficiency and sustainability.
Be a BANK that does more with its depositors’ money. Helping green businesses grow or helping community businesses become “greener” make our communities more sustainable.
First day customers included:
Veritable Vegetable, a leading distributor of organic fruits and vegetables that have been in business in San Francisco for more than 20 years. “I’ve been waiting for a bank like this for 20 years,” said Mary Jane Evans, CEO.
Joel Makower, founder of Greenbiz.com, a leading online portal for business intelligence on business sustainability, green business markets and clean technology. “The bank’s timing couldn’t be better, ‘green’ has gone from a movement to a major market opportunity,” said Makower.
Michael van den Akker: “I am in the business of wealth management and I’ve seen many banks. It’s great to do business with a bank that knows you and where I know the people.”