Climate First Bank, billed as the first bank in the nation founded on fighting climate change, is moving to a new location in St. Petersburg.
The start-up bank, which has accumulated $100 million in assets in only six months, is relocating from 5301 Central Ave. to 182 37th Ave. North, a much larger facility that will allow room for growth.
This new bank emphasizes non-governmental organizations and businesses committed to sustainability. For example, it offers loans for solar energy retrofits and infrastructure designed to combat climate change.
“In addition to standard banking options, the bank has dedicated personal and commercial loans that incentivize customers to invest in sustainable alternatives such as sustainable construction, renewable energy, green retrofitting and electric vehicles,” said CEO and Chairman Ken LaRoe. “Additionally, as a member of 1% for the planet, a pending B Corp. and the only legal Benefit Corporation bank in Florida, our customers can be assured that their deposits will be used to finance only the most environmentally and socially responsible projects – unlike other banks that furtively invest billions of capital in dirty energy and other extractive industries.”
This is LaRoe’s third bank. For this bank, the mission is “to do the right thing for our people, our planet and our community,” he said. “Our products, such as loans for solar panels, energy-efficient retrofits and EV charging infrastructure are all designed to help us achieve total carbon dioxide drawdown. Our loan production has been exceptional, and we are on track to exceed $80 million by year’s end.”
LaRoe said he sought out locations for the new bank across the state but found St. Pete to be a very progressive community and a good fit for Climate First Bank. “I am friends with (former) Mayor Rick Kriseman who repeatedly encouraged me, believing Climate First Bank would fit into the culture of this city.”
LaRoe opened Florida Choice Bank in 1999, which grew to more than $400 million in assets before he sold it to Alabama National Bank in 2006. He then founded First GREEN Bank in 2009 to create a values-based bank founded on ESG – Environmental, Social and Governmental principles before they were even “a thing,” he said.
“When we sold to Seacoast National Bank in 2018, the bank was ranked in the top 10% of all Florida banks for financial performance and had grown to more than $800 million in total assets,” LaRoe said.
He said he wanted this new bank to grow off of the successes of his previous banks.
“I was heavily inspired by the brilliant climate solutions outlined by Paul Hawken in his book ‘Drawdown: The Most Comprehensive Plan Ever Proposed to Reverse Global Warming.’ Using his ideas as a baseline, my founding directors and I had a vision to reimagine the community bank as a force for positive change.”
Powered by the ESG principles, he said, the bank will help draw down atmospheric carbon dioxide threatening the planet’s natural ecosystem by making regenerative investments.
LaRoe’s wife, Cindy LaRoe, came up with the name for the new bank. He calls it “no compromise and in-your-face,” noting that it drives and informs everything the bank does every day.
“The climate crisis is the single most important issue that’s affecting all the world’s citizens,” LaRoe said. “We’re more than just a ‘green bank.’ I’ve done that before, but at Climate First we’re taking it to the next level. We are striving to impact and reduce our Scope 1, 2 and 3 emissions every day to make sure we have a net-positive impact on the planet.”
He said customers can be assured that their deposits will be used to finance socially and environmentally responsible projects.
Climate First Bank employs seven people currently and with the move expected in April, he will expand the staff to 15-18 employees.
“Honestly, it was a match made in heaven with the new building,” LaRoe said. “The old one was a small, historic home so we couldn’t really do the expansions or retrofitting that we’d want for our headquarters. The new building is all glass and has beautiful soaring ceilings that will allow us to build out a second floor to accommodate more local employees. The building is very cool and architecturally unique. If fits our ethos nicely. It also has a drive-thru already, which is necessary for a fully functional bank, especially in the pandemic reality.”
He said the new building is divided with separate entrances. “We plan to rent out a third of the space to Winter Park-based Phil Kean Design Group for their first St. Pete office.”
