New Resource Bank Lands $10M Investment from State of Calif. for Green Projects

SACRAMENTO, Calif. — California state treasurer Bill Lockyer last week announced a new, $10 million investment account deposited at the San Francisco-based New Resource Bank, the nation's first commercial bank dedicated to green finance.

The investment fund, from the State Treasurer's Office Time Deposit Program, is focused on projects that will help improve California's environment, and will cover a range of possibilities.

"Deposits at New Resource Bank are used to finance projects that benefit our environment, our economy and our communities," Lockyer said. "This deposit will help the bank provide financing for developers who want to build green, and homeowners who want to reduce their electricity bills and fight global warming by equipping their houses with solar power."

Peter Liu, New Resource Bank's founder and vice chairman, said the investment by the state shows just how important a market force sustainability has become, and that his bank's focus on green and sustainable finance make it the logical choice for the state's money.

The $10 million deposit, in addition to making up almost half of the bank's equity,is also the first deposit made to the bank by a public fund. New Resource Bank currently has $118 million in assets and $45 million in outstanding loans, mostly for green projects or companies producing green materials. In addition to operating as a full-service community bank, New Resource provides loans for environmentally conscious projects, including alternative energy, clean tech, organic farming and sustainable home and office construction.