Christian Science Monitor featured First Green Bank in early 2009 on the CS "the new economy blog$". Many thanks to CS and their coverage.
Amid big bank turmoil, tiny First Green Bank opens
By Laurent Belsie | 02.22.09
In the same week that Citigroup pulled Wall Street to new lows, that talk of nationalizing banks reached new highs, and the Obama administration struggled with resolving their “toxic assets,” tiny First Green Bank opened its doors Tuesday in Eustis, Fla.
With no ads or promotion, the bank saw a steady stream of customers open accounts and ask for loans. By Thursday, First Green had $2.1 million in deposits and $51 million in its loan pipeline.
“People are elated to be moving their money out of big banks,” says Ken LaRoe, First Green’s chairman and CEO. “We have no toxic assets. We have no legacy deposits.”
Is it really the moment to open a bank? “We think our timing is perfect,” he says.