New certificate of deposit (CD) product allows investors to choose the sustainability sector their deposits will fund.
SAN FRANCISCO, May 30,2012 — New Resource Bank (OTCBB: NWBN) today formally debuts a new certificate of deposit (CD) product, the Impact CD, which lets investors choose one of three key sustainability-related sectors to support with their deposits: solar and other alternative energy projects, organic products or nonprofit organizations.
The bank previously offered the Solar CD, which funded loans to solar installers and other solar businesses. The Impact CD replaces that product.
“The Impact CD gives our customers more choices, allowing them to direct their deposits to the area they are most passionate about,” said New Resource President and CEO Vince Siciliano. “The Impact CD also better reflects the depth and breadth of our lending to sustainability-oriented businesses and organizations.”
The Impact CD is available for terms ranging from one month to five years, with a $2,500 minimum opening balance. Clients choose their personal Impact segment when they open the CD. Their funds will then support new loans by New Resource Bank to solar and other alternative energy businesses and projects, businesses in the organic product sector or nonprofit organizations.
“This is an unusual opportunity to really engage with your bank and see how your funds are helping to develop a more sustainable community,” Siciliano said.
The New Resource Bank Impact CD offers a fixed rate. There are no maintenance fees for the Impact CD, but early withdrawal penalties apply. All New Resource Bank CDs are FDIC insured.
About New Resource Bank
New Resource Bank is the premier bank for people who are leading the way to a more sustainable world. We match an entrepreneurial spirit with a dedication to achieving environmental and social as well as financial returns. Our mission is to advance sustainability with everything we do—the loans we make, the way we operate and our commitment to putting deposits to work for good.
This press release contains forward-looking statements such as statements about certain expectations and projections, and the bank’s preparedness for the coming year. Forward-looking statements are based on currently available information, are not guarantees of future performance and are subject to numerous risks and uncertainties. Such risks and uncertainties may include, but are not necessarily limited to, fluctuations in interest rates; fluctuations in asset prices, including real estate; inflation; changes in laws or government regulations or policies; general economic conditions, including the real estate market in California; the adequacy of the bank’s allowance for loan losses; and other factors beyond the bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for entire years to differ materially from those indicated. Readers should not place undue reliance on forward-looking statements, which reflect management’s view only as of the date of this press release. The bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.