CHICAGO, Ill. - A green community bank, led by a seasoned executive team, has been selected to be the official banking establishment located at Green Exchange, 2545 W. Diversey Ave. in Chicago. Green Exchange is the country's largest sustainable business community committed to environmental sustainability, profit and positive social impact.

GreenChoice Bank (in organization), anticipated to be the Midwest's first community bank to achieve LEED (Leadership in Energy and EnvironmentalDesign) Platinum certification is scheduled to open in 2009. As part of its core mission, GreenChoice Bank will leverage the funds on deposit to invest in the local green economy, thereby offering their clients the opportunity to make a values-based decision about their banking services. The bank will further its mission and philosophy of environmental sustainability by offering clients green banking incentives as well.

These incentives will include advantaged loan and deposit products for clients actively embracing sustainability, as well as advantaged terms to commercial clients that are building green and creating green collar job opportunities.

The combination of the bank's relationship-driven focus and its utilization of leading-edge electronic image-based products and services is a unique marriage of a traditional approach to banking with a contemporary approach to sustainability say its executive team, Harold L. Sherman, 77, chief executive officer; Steve Sherman, 35, chief operating officer; and Jon A. Levey, 39, chief lending officer. The team is further augmented by Kenneth Kline, 60, as chief financial officer. Combined, the management team offers more than 75 years of Chicago area banking experience.

"There is no better time to charter a community bank than the present. For the most part, community banks have clean balance sheets and the ability to continue to support their customers," says Harold, who holds a degree from MIT's Department of Civil and Environmental Engineering and whose professional career includes more than 25 years of community banking and mortgage lending expertise. GreenChoice Bank is seeking a federal charter from the Office of Thrift Supervision (OTS) and upon opening its deposits will be insured by the FDIC.

The community banking business is weathering the current mortgage market crisis because it is well operated, highly capitalized and among the most highly regulated financial industries in the country, according to Camden Fine, president and CEO of the Independent Community Bankers of America, a Washington, D.C.-based advocacy organization dedicated to enhancing thefranchise value of community banks.   

"Wall Street may be suffering but Main Street's community banks are in solid shape and open for business," Fine says. "Community banks are the foundation of our nation's diversified financial system. A credit crunch like we're seeing now is exactly why the nation needs the community banking industry - to ensure that credit remains consistently and widely available in good times and bad."

"GreenChoice Bank will support the small and medium sized businesses that will lift this country out of its economic crisis," Harold says.  Jon concurs, adding, "And, we'll do it in the tradition and spirit of neighborhood banks, where relationships are valued and people are known by name not account number. We'll also employ leading-edge environmentally sustainable practices that reinforce frugality and a simpler way of life."

GreenChoice Bank's holistic approach differentiates it from other banks that try to demonstrate they are green by saying they offer online banking or have a LEED certified branch. The founders have designed the bank with sustainability informing each and every aspect of its operation. This extends beyond the expected LEED Platinum certification and planned LEED Accredited Professional designation for some of its management team to include back office systems, processes and bank products. Further, there will be signage inside the bank to educate clients about sustainable practices. In lieu of printing countless paper brochures, customers may take advantage of a kiosk that offers electronic versions of materials they desire. Employees will be encouraged to embrace greener choices as well, including incentives for taking public transportation to work and a zero percent car loan when buying hybrids or vehicles that get more than 35 miles-per-gallon.

"Each of the steps we have taken in the creation of GreenChoice Bank is designed to find ways to share the journey toward a more sustainable lifestyle with our customers and employees," says Steve, whose career includes middle market commercial banking, and most recently included acting as a strategic advisor to the president of LaSalle Bank prior to its sale.

GreenChoice Bank is a welcome addition at Green Exchange, which seeks to broaden the sustainable business marketplace from niche to mainstream and further Chicago's efforts to become the greenest city in the United States.

"There were many nationally recognized banks that were interested in opening a branch at Green Exchange, however we had to turn them away as their business practices were not consistent with our sustainable mission," says David Baum, Green Exchange co-developer. "GreenChoice Bank is the optimal choice because they so clearly embrace a holistic approach to sustainability, from back office practices to front office products and services. We are thrilled to have them at Green Exchange."

As a convergence point for the green community to share best practices, network and provide an environment actively fostering tenant success, Green Exchange will showcase a mix of complementary businesses offering a unique collection of green products and services to environmentally conscientious consumers. For information about Green Exchange, including tenant options, benefits and amenities, please visit the web site at www.greenexchange.com.