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Year In The Life of First Green Bank Documentary (Full Version) _Dec 2016
Burgess COMMENTARY
Peter Burgess
Year In The Life of First Green Bank Documentary (Full Version) _Dec 2016
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COMMENTS
Peter Burgess
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0:09it's very clear to me that how we invest
0:11capital and how capital flows and in
0:13particular how banks what banks finance
0:16is very much a critical leverage point
0:18perhaps the critical leverage point in
0:21in resetting and an economy in a way
0:24that actually is is regenerative in
0:27there for sustainable over a long period
0:28of time
0:35we live today at the intersection of an
0:39old economy that measures wealth
0:41narrowly based mostly on short-term
0:43financial gain a new regenerative
0:46economy that measures wealth in terms of
0:48the health and well-being of all human
0:50communities and all natural life capital
0:54institute is dedicated to exploring this
0:56crossroads and to supporting the
0:58transition to a regenerative economy and
1:01we found a great place to study this
1:03transition and how difficult the
1:05challenges can be with first green bank
1:07first screen was founded by can row a
1:11successful Central Florida banker who
1:13set out to build a profitable bank
1:15driven by his passion for the
1:17environment as it has turned out he has
1:20faced many challenges along the way that
1:23this area is was historically rural and
1:27agricultural very very low population
1:30it's exploded with as a better community
1:35orlando there's a lot of sprawl a lot of
1:37unmanaged growth which is rips my heart
1:40out honestly I'm just determined to not
1:43let this play slip away and go the the
1:46route of many other areas and flora in
1:492006 after the successful sale of the
1:52first bank he founded Florida choice can
1:55went on a soul-searching cross-country
1:57trip i started the bag and 99 and sold
2:00in 2006 right at the peak and
2:03got all the money and made a bunch of
2:05people a bunch of money and had a
2:07non-compete and couldn't work in the
2:09industry for a number years of my wife
2:12and I bought a little mini motor home
2:14and we put a trailer on the back of our
2:16bicycles and fishing gear we
2:18circumnavigated the country and before i
2:21left my brother gave me a book
2:24let my people go surfing which is the
2:26autobiography of the launch and are the
2:28founder of padding on your clothing and
2:31it was it was his life and how he
2:34reluctantly became a businessman and
2:38with the ethos that you could do right
2:43by doing right and and everything every
2:47element of his businesses is operated
2:49and developed into that premise and I
2:52thought well geez if he can do that a
2:53clothing industry which is pretty rough
2:56industry for environmental
2:59sustainability or regeneration of you
3:03know i can do that the banking industry
3:04banking the only thing I know so why not
3:07try it so I google green banks and that
3:10led to the concept of of first green
3:14bank and we came back and called my
3:19attorney and getting the idea and he
3:21said well yes let's go forward with it
3:24so we filed the application and went
3:27through the process of raising capital
3:29we raised a 17 point two million dollars
3:33in the worst capital environment there
3:36could ever be in 2008 and on December
3:4022nd 2008 we are granted the last bank
3:42charter ever granted in the state of
3:44Florida and there's been none sense and
3:46we just passed our 6-year anniversary in
3:50business and our financial performances
3:53in the the top quartile of all banks in
3:56the state of Florida first greenbank was
3:58indeed outperforming on a financial
4:00basis but now the hard work for a bank
4:02with a values mission lay ahead at the
4:06beginning of 2015 only about eleven
4:08percent of your screen bank's loans
4:10could be considered loans to values
4:12based businesses so now the question was
4:15could first green bank also i'll perform
4:17as a values-based bank a bank fully
4:20committed to regenerating the community
4:22and the economy in which operated in jun
4:252015 capital institute visited first
4:28green bank with Stuart Cowan
4:30Stuart uses systems thinking to help
4:33regenerate communities and organizations
4:35the ask and his staff to imagine the
4:38bank is participating in a larger story
4:41that was about Central Florida's
4:43regeneration so we're seeing the
4:46beginnings of a regenerative economy
4:48here in Central Florida that the seeds
4:51are here in a single community bank like
4:54for screen bank can be a hub can be that
4:56connection point for lots of businesses
4:58that want to work with each other i
5:02think really regenerative economy is an
5:05ecosystem organizations it's not about
5:07separate kind of visionary one-off
5:11businesses that have to figure out how
5:12to build all of this from scratch it's
5:14about that community that ecosystem of
5:17regenerative businesses they're playing
5:18off of each other they're learning from
5:20each other and they're literally
5:22exchanging materials and services its
5:25they're circulating in January 2016
5:28knowing the difficult challenges that
5:30lie ahead for first greenbank we asked
5:33in stanley Patagonia is director of
5:35philosophy to visit with Ken at his
5:38lakeside home
5:39Vincent asked him to focus on where
5:42first green was succeeding and having a
5:44regenerative impact in Central Florida
5:46and to continue to build from there in
5:49the past year and a special kind of
5:52looking forward for the period there to
5:55do the values you hold in the bank
5:58represents give you an opportunity to
6:02make a kind of loan that hasn't existed
6:05before
6:06opportunities that are kind of creative
6:08creative working in banking
6:12you couldn't have done it thank you
6:14before I well the one thing that comes
6:18to mind is our solar loan program that
6:21we offer for residential and commercial
6:23solar installations it's a product we
6:28developed in this bank but we refined it
6:31over the last seven years we just kept
6:34saying okay well what makes it
6:36irresistible what makes it where it's a
6:39no-brainer to the point where I think
6:42it's the best solar financing program in
6:45the country we never even had a 10-day
6:51delinquency in our portfolio for solar
6:54lines and I think we're about two
6:57billion dollars and how much is it a big
6:58number
6:59it's a large number of lines so we're
7:04really encouraged and by vincent also
7:08encourage can to reflect on how his deep
7:11roots in the place he was born open up a
7:13path for first greenbank to be a
7:15powerful agent for change in Central
7:18Florida i think is it from looking from
7:21the outside I think there's a really
7:22strong advantage of doing what you're
7:25doing in a place in which is really
7:27really see you you're really testing the
7:30values you've come to hold against the
7:32values of the place that you came from
7:36and you're doing something in that
7:37community that will also change over
7:39time it will change the community it
7:42will have it and they feel like notes
7:45first greenbank can be proud of more
7:48than its innovative solar and hybrid
7:50vehicle loan programs the bank also
7:52actively seeks out borrowers like you
7:55can't an organic blueberry farmer who
7:58converted his land from conventional
7:59citrus farming and is committed to
8:02living in right relationship with the
8:03land he cultivates this all started for
8:06me about 10 years ago 15 10 to 15 years
8:11ago I met Ken laro I live on a farm
8:16that's been in my family for four
8:18generations since 1890 and it was up for
8:21sale and my family decided they couldn't
8:23hold on to it anymore and i looked for a
8:24banker who would understand what I was
8:26trying to doing in buying it and and
8:30making a living from it and trying to do
8:33something a little bit different for the
8:35local economy trying to preserve a piece
8:37of Central Florida history building a
8:40solid portfolio of values-based loans
8:42like the one that first greenbank
8:44extended to you can't farm takes time
8:46and time did not appear to be on for
8:49screen bankside precious to sell the
8:52bank or Building can talk with Vincent
8:55about how his track record as a banker
8:57who turned green to gold was in many
8:59ways a double-edged sword he knew that
9:02it was raising investor expectations for
9:04a quick sale of the bank
9:05perhaps before the values mission could
9:08be fully realized one of the hardest
9:11general reference
9:12which of course I helped set from the
9:17start the the model in Florida banking
9:20is you start back to build it up and you
9:23sell their equipment and it's
9:26historically hasn't been real hard to to
9:31to land investors because that was the
9:35model and they need to look at you can
9:36calculate what the return but I'm all
9:40that trouble since fairly early on the
9:44the value proposition will go away if if
9:49the bank was to sell and so I've gone
9:52through I probably every iteration areas
9:56of what could this look like how could
9:58then was it look like at the end of the
10:00day from converting to the corporation
10:05to an IPO to seeking values align
10:10institutional investors Weatherby family
10:13office or foundation the could provide
10:19liquidity event for the people who
10:20wanted it in the bud 1 staying for
10:23longer play to try to find dance
10:28suitable dance partner that would be DS
10:30line
10:31in the values base for the institution
10:33space and I tried a bunch of already in
10:40MA happen
10:41come to fruition how should and how
10:44could a values-based bank Rome capital
10:47institute asked author and regenerative
10:50business advisor Carol Stanford to
10:52explore those possibilities with Ken
10:54than what i heard you're describing is
10:57how you really grow this business not
10:59just grow it and scale but growing in
11:03terms of what you're able to achieve as
11:05resulted because the intention is part
11:06of the growth right now you take the
11:08story what you feel how deeply you feel
11:11it and use it to grow a business so
11:13what's exciting to be as you're not
11:15going to grow in a normal that you
11:17wouldn't be the way other people would
11:19think about growth it would be this
11:21deeply embedding of the value you have
11:23and how you grow and not being torn
11:26between those just being fully on top of
11:29that and I also can hear the idea of how
11:33much you could change an absolute
11:35industry which is so our cake
11:37I mean banking is just allowance mean
11:39all that stuff is very much based on
11:42what we were doing an eighteenth-century
11:43from everything I've read and this
11:45innovation the idea of how you're going
11:47to grow by innovation is this exciting
11:49camara also ask and to experiment with
11:52creative ways to engage his staff to
11:54invite them to be true collaborators in
11:57the bank's regeneration journey I mean
11:59the other thing was fun talking with you
12:01about is what your change in how you
12:04want to engage with your team because
12:07part of what it takes to bring that
12:08focus inside is to engage all the
12:11members of you know they're not just
12:13your direct reports but everybody
12:14connecting to that and having them in
12:18that just be about you but it everybody
12:20feel like it's about the bank and it's
12:21about the bank and what it can do in the
12:23industry
12:24the research shows that if you develop
12:26people while you're engaging that means
12:29you have them grow as people you have
12:31them do reflecting on themselves you
12:33have observed what's happening to them
12:35whether
12:35working you teach of a different
12:37framework for doing and both of you are
12:39entering into a space that you're
12:41learning while you're creating and I
12:43mean learning at a personal deep level
12:45that then it goes much deeper and you
12:48get a little destabilize for the process
12:49because you're going to do something you
12:50aren't usually doing
12:52yeah but we also discovered in talking
12:55to first green bank staff was that many
12:57were yearning for that kind of exciting
12:59to stabilizing leadership that would
13:01provide a space for everyone in the bank
13:03to draw on their potential to help the
13:06bank broaden and deepen its regenerative
13:08impact in the places where it was doing
13:10business
13:11among them were two ministers they had
13:14originally been drawn to the bank
13:15because they saw it as a place where
13:17they could bring their spiritual values
13:19to the working world in a meaningful way
13:21I I see things the potential within
13:25first greenbank to change the earth is
13:27significant but all the business
13:29potential because as I said before I say
13:33again you can put signs on the wall on
13:36every wall and you can say this is a
13:37regenerative bank
13:39this is a environmentally conscious bank
13:41you can plaster those all over every
13:43wall put them in the bathrooms no break
13:45rooms in the conference rooms on the TV
13:48screens everywhere you want to they can
13:49be everywhere and get me nothing
13:52they have no power because the sign
13:54doesn't have a power doesn't speak
13:55doesn't have voice it doesn't have
13:56energy what has energy is the people
13:59that are in the building the people that
14:01are in the organization and at some
14:04point it has to get to a place where
14:06it's no longer the signs on the wall but
14:10it is the division becomes the life it
14:13becomes the blood of the organization
14:15and it literally is contagious to every
14:18person that walks in the building they
14:20don't have to see a sign that says we're
14:21jinoteur they feel it
14:24I so so before I came in the bank couple
14:27years ago
14:28actually was a united methodist minister
14:30and I did this thing called church
14:34planting and when you church plant you
14:37develop a church from from scratch i
14:40guess and you got you you talk to people
14:45about the vision of a different kind of
14:48church in the way of doing church and
14:53you you offer that vision to be bone you
14:55try to get people to come and live in to
15:00the vision and be a part of that new way
15:04of doing church and I i think that we're
15:08trying to go more here in the bank and
15:12that's the hope that I have that we can
15:14develop in this Central Florida region
15:18is that we can send tentacles out
15:21throughout Central Florida and just have
15:25people live differently because they're
15:28drinking with us John fullerton capital
15:32Institute's founder and a former Wall
15:34Street banker spoke to 24 screen Bank
15:37board members dr. robert burton and
15:39Randy stone
15:41what emerged from that conversation was
15:43that both were authentically committed
15:45to first green banks holistic values but
15:48at the same time they're struggling with
15:50the expectation that they held from the
15:51start that they would reap the financial
15:53rewards from their investment when the
15:56bank was eventually sold and I just
15:59really believe didn't get when i came to
16:03Florida afroman to single bell-bottom
16:07trousers going to get is anybody and
16:09I was gonna save the Florida alligator
16:11lake erie the bald eagle you name it i
16:13was going to do it and then found out
16:16maybe how shallow I was I got married
16:18that financial responsibilities three
16:21little boys and i went by the wayside
16:22but then i have an opportunity now to go
16:27back to those roots and yeah i'm just a
16:31lot of guys total soon as I said you
16:33know for some reason wanted to impress
16:36can not easy said that had that kind of
16:40effect on me and it's just it's good
16:42it's good synergy i think between can I
16:44John fullerton spoke up for screen bank
16:46as a precious asset it had he said a
16:49vital role to play in an economy where
16:51so much was at stake so real investments
16:55you know what we invest in and bank
16:57lending is way more important than what
17:00we spent a lot of time and attention to
17:02which is security straight so the
17:03security training to become the
17:05financial system but that's just pushing
17:08paper around between you know one
17:10another and doesn't actually translate
17:13into what changes on the ground whereas
17:17a bank you know i'm relatively small
17:19back playing for screen bank but it's
17:21actually making loans primarily into the
17:23real estate industry and you guys are
17:27way better and I but this part of the
17:28country is growing like crazy and how it
17:32grows is is really very important so the
17:35impact that Bank
17:36like for screen that can have on these
17:38issues of environmental sustainability
17:39or are remarkably significant and so so
17:45I've gone from being interested in
17:47working on sort of high finance on Wall
17:49Street to now being was more interested
17:52in real banks that are making me alone
17:55on the ground and productive real
17:57economy it takes time to build a
18:00business and and the conventional wisdom
18:04and conventional approach to community
18:06banks was just started growing itself
18:10and yet that doesn't really match with
18:13the you know twenty five-year mission of
18:16bank much less than any other confidence
18:18so now we do when we got this precious
18:21business building that maybe even
18:25through sold to let's just pick on my
18:27old friends jpmorgan chase disappeared i
18:30think they a bank with a great idea that
18:33that appeals to Millennials and people
18:36are concerned about the environment they
18:39grow quickly and in a meaningful way in
18:42a profitable way that just speaks to the
18:45greatness of the idea and so I don't
18:48think they're necessarily in conflict
18:51growth and profitability and success of
18:56the economic model yet i think it's
18:59going to be also driven by the the
19:02social model how you are you have an
19:05impact in the world you know promoting
19:07solar conservation and having a forum in
19:12which you can actually speak that truth
19:15to the rest of the world were you are
19:17more successful you are the latter your
19:19voice so i look at it that way so and as
19:25far as you know growing it is to sell it
19:27we talk about the board retreat and
19:31you know if we're going to sell we want
19:34to have those values on the same side on
19:40the other side of the table of the
19:41people
19:42quirements if they don't have maybe we
19:45can inculcate into that maybe we could
19:47impregnate them with that set of values
19:50which like lean wit unilever been a
19:53jury's need to maybe have an impact on
19:55the world that way but you know I
19:59represent a consortium of investors and
20:02we put a lot of money into this and we
20:04want to see your return
20:05so there's only three ways banks can
20:09make money in this giving dividends go
20:12public you catch the shares of stock all
20:15the benefits of that or else she can be
20:18sold and so those are three ways to
20:20create a net return on your investment
20:25so but is there another possibility of a
20:29net return on your investment that's
20:31defined and greater than financial terms
20:34David cortland an advisor to the Global
20:37Alliance for banking on values think so
20:39he talked with can about how he might
20:41begin a conversation with his investors
20:43that would define returns in terms of
20:46what you get back to your community and
20:48the world you leave behind for your
20:49children and your grandchildren there is
20:53a real question because if you hear your
20:56investors end up with shared solid
20:59return they give to their children and
21:02their grandchildren
21:03it's also real SP you been
21:0630 web and to-the-point my next question
21:11what's your trade it straight up to you
21:14want to inspire them to between what
21:17you're doing for your spirit what you're
21:19doing your pocket
21:22yeah so it's a safe financial return and
21:25a super values returned what you're
21:29doing your community today isn't
21:31thinking about meeting investor domains
21:34and then getting that inspiring to say
21:38that's that's that's what i want i want
21:41to leave my grandchildren share of stock
21:45that I know give them a solid at the
21:50same time leaves the community shape
21:52live better off with jobs with an
21:56environmentally safe and healthy
22:00first screen bank now finds itself at a
22:03fork in the road there are many possible
22:06scenarios for its future
22:08what is certain is that the women and
22:10men who have joined for a screen bank
22:13and have had a taste of a new way of
22:14banking and doing business in the world
22:16will be forever changed
22:19we're certain that they will go on to
22:20change the face of banking and to
22:23participate in new kinds of
22:24collaborative regenerative businesses
22:26that will transform the heart and soul
22:29of our economy in Central Florida and
22:31beyond
22:32but what I'm really interested in is for
22:35from the people who do the real work
22:37don't get the awards you don't go over
22:39to dinners and fancy places for meetings
22:42you know what's it like to
22:44operationalize a space regenerative
22:49agenda inside of bank in Central Florida
22:52that to be used that's really
22:54interesting
22:55I mean operationally is fantastic
22:57because we feel that we're coming to
22:59work every morning for much more than
23:01just a paycheck more to really make an
23:06impact on the community central florida
23:07specifically it's been great to see such
23:13a immediate sort of impact where you
23:15want to market it was
23:16the sort of oriented to sustainability
23:19or social responsibility on a large
23:22broad scale and maybe maybe not so
23:25obvious but here I kind of sometimes
23:27show equated to remark to desert and you
23:31just immediately see that sort of impact
23:33where the education and the influence
23:35aspect of what we do
23:37takes root almost perpetually itself it
23:42has truly been a journey for us and-and
23:47people ask all time or what
23:49what's a green bank i can tell you that
23:51whatever it is and whatever we do and
23:54whatever you do try to become a
23:56values-based or maintaining values based
23:58business is really really hard and
24:01anybody that says otherwise is is it's
24:04not being truthful or transparent
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