New Resource Bank, a commercial bank in San Francisco, announced on September 17 that it completed a second equity offering, totaling $13.9 million. The completed stock offering expands the bank’s equity capital base by more than 75%.
New Resource Bank is a FDIC insured institution that opened in September 2006 and offers banking services to individuals, businesses, and non-profit organizations. The bank provides financing for efficient and sustainable resources in its community, including offering a solar lending program as well as lending to entrepreneurial community businesses and green businesses. New Resource Bank had $185 million in assets at the end of June 2008.
New investors in the announced equity offering include institutions such as the Climate Solutions Fund of Generation Investment Management, which was co-founded by former Vice President Al Gore and David Blood, the former CEO of Goldman Sachs Asset Management. Other new investors include community leaders such as Bill Unger, Partner Emeritus of the Mayfield Fund and Joshua Mailman, a co-founder of Business for Social Responsibility and the Social Venture Network. They join a group of existing shareholders comprising business leaders, social entrepreneurs and institutions which also re-invested, including Bob Epstein, co-founder of Environmental Entrepreneurs, Mitch Kapor, founder of Lotus and co-founder of the Level Playing Field Institute and Triodos Bank, a leading ethical and sustainable bank in Europe. When New Resource Bank opened in 2006, 240 shareholders had provided $24.75 million in equity capital.
"We are pleased with the support from new and existing investors. The additional capital will enable us to reach a next tier of growth," said Bank initial founder and vice chairman Peter Liu.
"Our ability to add capital and new investors is a direct result of our differentiated focus on green businesses and projects; and on consumers who care more about the impact of their money," said Bank president and CEO Clay Jones. "This market focus is the key reason why we are able to become one of the fastest growing new banks."