While the federal government is engaged in an overhaul of the banking industry, e3bankwants to redefine how banks interact with their customers. The bank, to be headquartered in suburban Philadelphia (Malvern), will actively encourage its customers to live sustainably by offering preferential rates on green investments. E3bank chairman Sandy Wiggins says lending based on the sustainability of a project is "a powerful opportunity to leverage change [that] was sorely needed."
While the federal government is engaged in an overhaul of the banking industry, e3bankwants to redefine how banks interact with their customers.
The bank, to be headquartered in suburban Philadelphia (Malvern), will actively encourage its customers to live sustainably by offering preferential rates on green investments. E3bank chairman Sandy Wiggins says lending based on the sustainability of a project is "a powerful opportunity to leverage change [that] was sorely needed."
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Wiggins, who worked in real estate for 30 years, had a sustainable "awakening" in 1996 that led him to commit to building green. His adherence to the triple bottom line principle led him to become chair of the U.S. Green Building Council.
After leaving the post he was contemplating retirement, but got a call from veteran banker Frank J. Baldassarre, who is now e3bank's President and CEO. Though never imagined working in the financial industry, he signed on with the company in 2008.
The bank's principles, which tout the goals of enterprise, environment and social equity, are evident in their lending guidelines, which give preferential treatment to loans for green projects. Wiggins says finance rates for a loan will be reduced as projects reach higher levels of sustainability. For example, as a new building or retrofit attains higher levels of LEED certification (silver, gold and platinum), the interest rate drops.
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