St. Petersburg bank reaches billion-dollar milestone

St. Petersburg-based Climate First Bank recently announced it reached a milestone of $1 billion in assets. 

Founded in June 2021, the bank says it emphasizes solving environmental sustainability issues and lives out its corporate values in a variety of ways, including operating net zero emissions and acquiring a fintech firm that indexes environmental, social and governance performance for thousands of companies for the purpose of consumer transparency. 

"Our rapid national growth is because of our commitment to fight climate change, not in spite of it. Across the country, individuals, homeowners and businesses are demanding renewable energy investments, especially solar. That demand will only grow in the years ahead. So let me be clear: we have seen incredible growth since we opened our doors three years ago, but we are only getting started,” Founder Ken LaRoe says in a statement.

The bank credits its solar lending program for much of its success. Through its fintech subsidiary, OneEthos, the bank has originated over $185 million in solar lending in two years, according to a statement from the company. This includes a national loan solution for Tesla's solar roof and powerwall technologies, offering homeowners ethical and affordable financing options. 

Climate First Bank is one of several institutions established by LaRoe. He founded Florida Choice Bank in 1999 and First Green Bank in 2009. Both firms were sold before the opening of Climate First Bank. Similar to the other institutions, CFB operates under a mantra of keeping people, planets and profit at the center of its operations.