These plans come after the company announced reaching over $540 million in assets in its 2024 Annual Shareholder Letter and more recently exceeding $600 million in assets.
Climate First Bank, the world’s first FDIC-insured community bank founded to combat the climate crisis, announces, through its holding company Climate First Bancorp, its latest round of capital raise to boost values-based banking efforts and initiatives across the nation supporting the company’s growth plans. This comes after the company announced reaching over $540 million in assets in its 2024 Annual Shareholder Letter and more recently exceeding $600 million in assets.
The Bank is headed into its third year of operation and is poised to exit de novo status in June 2024, allowing it to fully scale services outside Florida. Climate First Bancorp will run the capital raise campaign through September 2024 and funds are anticipated to be put toward initiatives like mission-driven technology, climate-focused loan solutions, values-aligned products and future acquisitions to accelerate the growth of subsidiaries Climate First Bank and fintech OneEthos.
“Back in 2021 when we began, we raised $44 million in start-up capital and are so grateful to have had the full support of investors, depositors and shareholders year after year because they see the impact we’re having on communities and the good we’re doing through our banking,” said Climate First Bank CEO and founder Ken LaRoe. “This next round will propel us into the natural next step for us as a bank and community leader and being a force for good in the industry. We are the only bank in the nation with a core focus on climate solutions, allowing us to gain credibility with millions of values-based businesses and consumers nationwide.”
Read More about Fintech : Gamification in Fintech: All About Customer Retention and Engagement
Last year, Climate First Bancorp grew its team by 33%, increasing from 56 employees to 74. To accommodate increasing customer demands and to build out the offered services, the organization has on boarded several new employees including, Melissa Freeman who joined the marketing department as Sales Support Specialist, Natalie Nieves who joined the HR department as HR assistant, Erika Murphy who joined deposit operations as Online Banking and Deposit Operations Technician, Laura Vazquez joined as a new Universal Banker for our Winter Park branch, Julie Schmitz who joined the attorney banking team as VP, Attorney Banking Specialist and Beth Trent joined as BSA Analyst.
The bank’s community-driven approach has enabled it to gain market share quickly, despite the banking headwinds the industry experienced over the last few years. Climate First Bank currently offers sustainable banking options for solar energy adoption, retrofit construction for eco-friendly buildings, and last year financed over $153 million to mission-aligned borrowers supporting worker-owned cooperatives, health and well-being, affordable housing and youth education.
Latest Fintech Insights :Fintech Trends 2024: How Can Enterprises Be Better Prepared?
[To share your insights with us, please write to pghosh@itechseries.com ]
