First GREEN Bank Blog

Community Banks Remain Strong and Outperform Industry

With so much focus on the state of the nation’s big banks, the strength of thousands of community banks across the country has become easily forgotten. The Independent Community Bankers of America reiterated last week that over 8,000 community banks are operating in good standing and outperform bank industry averages in many notable metrics, such as leverage ratios and net charge offs.

Data from the ICBA showed that community banks with less than $1 billion in assets posted growth in net loans for the second quarter of 2009, the only segment of the banking industry to accomplish such a feat.

“Community banks lend locally, know their customers and continue to stick to traditional lending practices—all of which contribute to the continued stability and strength of the community banking sector,” said R. Michael Menzies, ICBA chairman and president and CEO of Easton Bank and Trust Co., Easton, Md.

Read the article at American Banking News

Christian Science Monitor Features First GREEN Bank

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.

read the complete article here