Independent Banker - March 2021 - 60

70%
of
consumers
in the U.S.
think it is
important
that a
brand is
sustainable
or ecofriendly2
paperless,
Paradee points out another cost
savings: postage. " Customers pay as much,
or more, for postage than they do the actual
statements, " he says. " Banks spend tens of
thousands, sometimes hundreds of thousands
of dollars, in monthly postage fees. The quicker
they can get their customers switched over to
electronic statements, the quicker it will affect
their bottom line. "
Shouting about it
Community banks can win points with
customers-and potential customers-by
marketing their environmental efforts and
making headlines in their communities.
" Greening any business is still newsworthy, "
Horowitz says. " Banks can reach out to eco beat
reporters with what they're doing; to the banking
and financial trade press about what motivated
them and how other banks could emulate them;
and to the general press to highlight what they're
doing for clients in the nonprofit world who are
greening up. "
It's important to remember, however, that
even with the potential long-term brand and
financial benefits, eco-friendly practices also
have inherent value for the planet.
" Being an early leader in this charge has
tremendous potential to enhance brand
reputation in an increasingly environmentally
conscious world, particularly among consumers
who are already committed to sustainability, "
Siddiqi says. " Banks should also be cognizant,
however, that it's not all dollars and cents. Ecofriendly
choices may be more expensive today,
but they will help preserve our planet in the
long run. "
Karen Epper Hoffman is a writer in
Washington state.
How Live Oak Bank goes green
Live Oak Bank has a broad, cross-sectional
commitment to the environment across customers
and lending verticals, says Huntley Garriott,
president of the Wilmington, N.C.-based community
bank. It markets renewable energy financing and
" the innovative work our customers are doing in
the space, such as a waste-to-energy project in
North Carolina, " he adds. The bank's energy and
infrastructure lending team also promotes the clean
energy projects it's involved in across the country.
Within the bank's headquarters in Wilmington,
Live Oak Bank constructs its buildings to meet
or exceed LEED, or Leadership in Energy and
Environmental Design, standards. The community
bank meets these green certification requirements
by including LED lighting, tinted windows, energyefficient
HVAC units, water stations and recycling
A waste-to-energy
project financed by Live
Oak Bank produces
renewable natural gas
from swine waste.
programs throughout its offices.
" Our [Wilmington] campus includes
solar panels across building rooftops
to offset emissions, 200 native trees
that have been planted and 27 acres
of preserved historic pine tree forest, "
Garriott says. Live Oak Bank is also
adding a philanthropic level to its
environmental offering by encouraging
its employees to donate to local
sustainability-focused nonprofits.
" We are expanding efforts to
broaden the diversity of our board
to expand dialogue at all levels, " he
adds. " Having buy-in from all levels
of leadership is key to ensuring
the longevity and success of
sustainable initiatives. "
60 Q ICBA Independent Banker Q March 2021
2. Yale Climate Opinions Map, published Sept. 2, 2020
Independent Banker - March 2021

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