New Resource Bank raises $7.7M

New Resource Bank raised $7.7 million for its planet-smart banking operations.

New Resource Bank raised $7.7 million for its planet-smart banking operations.

San Francisco-based New Resource Bank, said it raised $7.7 million in an offering that was oversubscribed by 10 percent.

Portland-based Portfolio 21 was among its lead investors.

The bank sold 1.75 million shares for $4.40 each, bringing total shares outstanding to 5.57 million.

“At a time like this, when banking is so challenged, this funding is a huge vote of confidence in the success of the bank,” said Mark Finser, chairman of $161 million New Resource Bank. The bank’s president and CEO is Vincent Siciliano, who was featured in a 2010 San Francisco Business Times executive profile.

Major investors in the bank’s latest stock offering included Dutch financial institution Triodos Bank, which increased its stake to more than 20 percent, and Portfolio 21 Investments, a new investor with a more than 5 percent stake.

New Resource Bank has a focus on environmental and sustainability issues. Its tagline is "Planet Smart Banking" and it is a certified B Corporation.

“We believe that profit doesn’t need to be at the expense of world’s most pressing environmental problems,” Triodos tells those visiting its website. “That’s why we finance organizations from organic food and farming businesses and pioneering renewable energy enterprises, to recycling companies and nature conservation projects.”

Portfolio 21 operates a $379 million equity mutual fund that “invests in companies designing environmentally superior products, using renewable energy, and developing efficient production methods.”

Read more in the San Francisco Business Times.

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