New Data Recognizes Climate First Bank as Fastest-Growing New Bank in the United States Since 2009
Climate First Bank, the world’s first FDIC-insured digital community bank founded to combat the climate crisis today, was recognized as the fastest-growing new bank in the United States since 2009, according to a new analysis of federal banking data.
The new findings spotlight Climate First Bank’s unprecedented growth, driven by its ethical solar financing partnership with affiliate OneEthos, the leading fintech platform for mission-driven financial institutions. The program offers no dealer fee loans, providing consumers and businesses with affordable solar for their homes and businesses.
“Climate First Bank and OneEthos’s success shows we can not only grow our bottom line but help households across the United States access clean-energy technology and deliver climate resilience at the same time,” said Ken LaRoe, Founder and CEO of Climate First Bank. “We are so fortunate to be in a strong position as a young and thriving company with a clean balance sheet. Together with OneEthos, we have been quite deliberate about creating a product that puts what is best for the consumer at the forefront. We know that in the long run, this will lead to sustained success – and it’s working.”
KEY FINDINGS
- Climate First Bank has reached over $850M in total assets, just over three years since its inception.
- Climate First Bank has become the fastest-growing new bank in the United States since 2009 – driving strategic investment in community initiatives such as renewable energy, affordable housing, and worker-owned cooperatives.
- Through its partnership with OneEthos, Climate First Bank has originated over $150 million in solar lending in only two years – outstanding performance compared to peers.
- The companies recently expanded their consumer solar offering throughout the country to 27 states and plan to be in all 50 states by the end of 2024.
As the solar industry continues to experience a challenging period of concern with increased interest rates that made solar loans less feasible for consumers, an opportunity presented for Climate First Bank and OneEthos to prove that they can change finance to finance change. This downward trend for the industry not only affected consumers but significantly slowed sales for installers, causing many of the nation’s largest to fail financially. In addition, solar leasing companies are also impacted as they too begin to close, leaving consumers sometimes mid-project with an installer that can no longer be funded, creating great consumer risk and uncertainty. Therefore, using OneEthos’ proprietary technology, Climate First Bank offers residential and commercial solar lending with no dealer fees and competitive terms.
This model of ethical solar financing and no dealer fee loan programs is a tremendous benefit to consumers and to the businesses who serve as borrowers. In addition, for solar installers, Climate First Bank is offering them a much safer option of a loan versus a lease, funding loans through deposits and not relying on the more volatile and less reliable funding sources of competitors. This provides installers and investors in both companies with more certainty that they can continue to operate profitably while offering a product to their clients that is honest, transparent, and safe.
“This is a very critical and pivotal time in the solar industry,” said Marcio deOliveira, Founder and CEO of OneEthos. “What our companies are doing is providing a safer, more secure, more ethical means of financing clean energy across the country. The next six to twelve months will be an interesting time for this industry and we are in a strong position to stand out and to deliver. We invite consumers and installers to connect with us and to learn first-hand the level of commitment and honesty that we are providing through our mission and simply doing the right thing for all.”
Climate First Bank | www.climatefirstbank.com
OneEthos | www.oneethos.com