SAN FRANCISCO—New Resource Bank (OTCBB: NWBN) is pleased to announce its second sustainability report, Banking for Good. It chronicles the progress toward our goals during 2013, with new impact metrics from the Global Alliance for Banking on Values (GABV) and expanded coverage of our community, environment and governance activities. It is available online here and in print by request.
“We had our best financial results ever in 2013, and I believe our commitment to continually advancing sustainability and deepening our mission is driving that growth,” said New Resource President and CEO Vince Siciliano. “Recent GABV research, which shows that sustainable banks outperform big banks on key financial measures, supports the conclusion that our strong performance demonstrates the strength of our banking model.
“This report describes that approach and provides details on our lending activities, engagement with our community and our ongoing efforts to maintain and improve our operational sustainability.”
Report highlights include:
Lending and deposit accounts—New Resource’s goal is a loan portfolio 100 percent invested in enterprises that are advancing sustainability. At the end of 2013, 79 percent of loan commitments and 76 percent of loans outstanding were mission oriented; the remainder were traditional community bank loans made to local businesses during the bank’s startup phase. All deposits fund sustainable businesses and nonprofits; the Impact CD lets depositors direct their money to their choice of alternative energy, organic products or nonprofit organizations.
Finance and governance—New Resource achieved its second full year of profitability in 2013, with profits up 50 percent over 2012. The bank received the highest possible ratings from BauerFinancial and GIIRS (Global Impact Investing Rating System), outperformed peer banks of similar size in key metrics and exceeded key real economy performance metrics established by the GABV.
Community and nonprofits—Supporting nonprofits and building community are vital aspects of New Resource’s mission to advance sustainability. The bank provides discounted services, direct contributions, sponsorships and other benefits to nonprofit customers. We also provide free educational programs and support volunteer efforts: in 2013, employees reported 767 hours of volunteer work.
Environment—The bank diverted 90 percent of its waste from landfills, met its green procurement commitment, and purchased renewable energy certificates through TerraPass to offset its estimated carbon footprint of 113 metric tons per year.
“We are always looking for new ways to build on our success,” said Stephanie Meade, New Resource director of marketing and sustainability. “Our initiatives for 2014 include establishing impact metrics that will further track our progress toward our mission of building sustainable communities, and the Sustainability Engagement Program, which is designed to build our team’s sustainability knowledge and capacity. We look forward to sharing those results in our next report.”
About New Resource Bank
New Resource Bank (www.newresourcebank.com) 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.