First Green Bank to Cater to Eco-Friendly Projects

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OAKLAND, Calif. -- A new bank in Central Florida plans to specialize in services for environmentally friendly businesses and building projects.

First Green Bank, led by banker Ken LaRoe, filed a petition for a
state banking charter last week, the Orlando Sentinel reported. LaRoe
and his partners expect to open two branches in the region by the end
of 2008.

The bank will cater to green and non-green businesses alike but
will likely offer discounted interest rates to those that incorporate
energy efficient or green building practices. Loan officers must be
LEED accredited, and projects that qualify for the bank's discount
rates must meet LEED standards.

LaRoe, according to the Orlando Sentinel, wants to offer zero
interest mortgages to workers who move to within walking or biking
distance of the bank, to be located in Eustis.

"I have a real concern about the effects of global climate change,"
LaRoe told the publication. "And I felt the best way to address that
was with a carrot instead of a stick."

LaRoe expects to raise at least $15 million in start-up capital. LaRoe previously founded the former Florida Choice Bank.

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