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Cover Story: First GREEN Bank: A Global Tastemaker

for Environmental and Social Change

Continued from page 1 have considered using solar power, or if they have considered using LEED-design to
become more energy efficient.”
to invest in the bank further by opening our new headquarters in Fort Lauderdale and
continuing our plans for expansion here in South Florida.” After Amendment 2 – the ballot initiative approved by over 71 percent of Florida
While there are a number of banks throughout the region, First GREEN Bank is dis- voters in November passed allowing non-euphoric cannabis use for a select group of
tinguished by its environmental and social mission. The bank is a member of the patients – First GREEN Bank decided to become more involved in the medical mari-
Global Alliance for Banking on Values (GABV) and is the founding member of the juana industry. One of the main reasons for their involvement is because the bank’s
North American Chapter of the organization. According to its website, Global founder and board chairman, Kenneth LaRoe, has a personal interest. He has family
Alliance for Banking on Values is “an independent network of banks using finance to members who are using medical marijuana to relieve seizures and has seen firsthand
deliver sustainable economic, social and environmental development.” It is com- how they have benefited from the use of medical marijuana prescriptions.
prised of banking leaders from around the world which are committed to advancing Costello says that they met with regulatory agencies, the FDIC, the Federal
positive change in the banking sector. Only 36 banks in the world are members of Reserve, and the Office of Financial Regulation in Tallahassee to develop procedures
GABV. and policies. He states, “We have spent a lot of time working with the regulators and
“These banks all must take a pledge to have a triple bottom line: People, Planet, we found them to be quite interested and willing to work with us. There are numer-
Profit,” explains Costello. All of the banks that are members of this alliance have to ous risks to having this money outside of the banking system. There can be criminal
meet certain criteria in all three categories in order to continue to be a member. This activity or robberies involved, and since there is no way to trace the money, money
is a big differentiator in today's banking environment because unfortunately, we see laundering becomes a risk as well. These agencies have an interest in ensuring that
so many banks that are really being bad actors in terms of their ethics. this money entering the banking system is safe, sound and well-regulated”.
As part of its mission, First GREEN Bank has integrated a program called Mission First GREEN Bank executives spoke with executives at banks around the country
Specialist into its office culture. Through this unique internal program, each First that were involved in the medical marijuana industry and then developed their own
GREEN Bank employee takes part in a training program where they learn the differ- set of policies and procedures. Costello says that this group speaks with regulators
ent ways that individuals and companies can recycle and conserve energy. every month and updates them regularly on what they’re doing.
“We train everyone about the advantages of solar power and about new practices “We're constantly in dialogue with them and I think that's key,” Costello says. “If
that help build energy efficient buildings,” Costello says. “As a result, when we talk you're going to do something like this, it’s important to make sure that the regulators
to anyone interested in a loan, we encourage them to use those types of buildings. For know exactly what you're doing and that you're working hand-in-hand with them.”
instance, if a potential client is constructing a new building, we’ll ask them if they
To learn more about First GREEN Bank, visit www.firstgreenbank.com.

South Florida Hospital News southfloridahospitalnews.com June 2017 11