The bank’s target market is Northern California, but it also supports state wide energy projects; its mission is to “promote sustainable living in our community.” New Resource’s aim is to have every dollar of its depositor money invested in building a sustainable community. To promote this goal, the company provides better loan terms to client projects that have a direct environmental benefit. For example, instead of providing a typical construction loan of up to 75 percent of appraised value, New Resource Bank will fund up to 80 percent loan-to-value for projects that are designed to green leadership standards (e.g., Leadership in Energy and Environmental Design). The company also provides loans to innovative sustainability-focused businesses such as organic dairy Straus Family Creamery, as well as traditional businesses that aim to integrate sustainability practices into their business strategy, such as Adam Capital, a financer of renewable technologies.
Although New Resource only has one branch, the bank takes its direct environmental impact seriously and has a comprehensive environmental policy that addresses the company’s direct environmental footprint, including energy consumption, waste production, green procurement standards, and employee incentives that promote commuter alternatives to vehicles. Areas for improvement include increasing access to online and mobile banking.
To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 1/1/12 and may not reflect current opinions or subsequent events.