GreenChoice Bank Earns Conditional Approval of Bank Charter

Chicago, IL, June 04, 2009 --(PR.com)-- GreenChoice Bank (in organization), set to be the Midwest’s first "green" community bank, is pleased to announce that it has received its conditional approval for a federal savings bank charter from the Office of Thrift Supervision and has had its application deemed complete by the Federal Deposit Insurance Corporation (FDIC). It will receive formal approval after reaching its capital requirements and demonstrating that systems and approvals are in place to open as a full-service community bank.

"This is an enormous proof of concept that demonstrates the viability of our team and our business plan," said Harold L. Sherman, chief executive officer. "There has never been a greater need for a new bank with a clean balance sheet that is ready to lend to the community. We look forward to opening our institution later this year so that we can start making a positive impact in our community."

GreenChoice will be the first "green" community bank in the Midwest, with sustainability informing every aspect of the bank’s organization. This includes advantaged loan and deposit products for consumers and businesses who embrace sustainability in their personal or business lives.

"While we will offer competitively priced products for all customers, we expect to provide advantaged terms for, as an example, a green builder, or a better rate for you if you opt out of receiving paper statements," said Jon A. Levey, the bank’s chief lending officer and a Leadership in Energy & Environmental Design Accredited Professional (LEED AP). "We will reward people for the green choices they make, and in doing so, we give them the opportunity to make a values-based decision about their banking services." GreenChoice’s management team brings additional expertise, with more than 100 years of combined relevant experience. Fifty percent are LEED Accredited Professionals.

GreenChoice Bank’s systems and processes will be built more sustainably than a traditional bank. Rather than traditional paper-based check processing systems, the bank will utilize image-based check processing, where deposits are scanned into the system and processed electronically both at the teller and in its envelope-free ATMs. Documents will be distributed electronically and will utilize digital signature capture technology wherever possible. Many customers will not need to go into the branch to deposit checks, as they will instead have the option of using remote deposit capture to deposit checks from their desk.

"These efficiencies not only substantially reduce our paper use and carbon footprint relative to a traditional bank, but they also are more convenient for the customer. Everyone wins," says Steve Sherman, the bank’s chief operating officer and also a LEED AP. The bank will also create top-to-bottom processes and policies that support its sustainable mission.

Additionally, the bank is anticipating a LEED Platinum certified bank location in Chicago’s historic Green Exchange, located at Diversey and the Kennedy Expressway. When it opens later this year, Green Exchange will be the country’s largest self-contained sustainable business community containing an exciting marketplace of more than 100 diverse green businesses and their employees.

"There is an immediate need in the market for a bank like ours," says Sherman. "Banks aren’t lending and this is the ideal time to start a bank with our contemporary approach to financial services. It’s about time people felt good about where they are banking."

GreenChoice Bank anticipates opening in the second half of 2009.

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