PHILLADELPHIA, PA - Third Federal Bank already has the bright green logo and Web design, but it is working on being green behind the scenes as well, through a series of environmental initiatives. In June, the bank launched a GreenLoan program that allows clients to borrow money at lower interest rates if they'are financing energy efficient home improvements. It has established a Green Team think tank to increase internal energy efficiency and expand its recycling program. And last month, it launched its "Go Green" blog to chart its progress.
The Newtown Township bank rebranded its image in 2004 and 2005 and launched its neon lime green signature color, but officials quickly realized "green" was taking on a new connotation. "We started to think that 'Go Green' was a more important rallying cry in society in general," said Dana Dobson, Third Federal's marketing vice president. "We asked ourselves 'Are we really green?' and 'Are we authentic?' We asked some tough questions."
The answers, she said, were that the bank and its branches were doing some things that were environmentally responsible, but those practices sometimes varied from branch to branch. The lender incorporated some of the practices system-wide and added some new ideas.
Third Federal is building a branch at Knights and Woodhaven roads in Northeast Philadelphia that will incorporate green building practices, Dobson said. She said Third Federal might seek to have the building certified as a Leadership in Energy and Environmental Design by the nonprofit U.S. Green Building Council.
Third Federal isn't the only bank pushing to become more environmentally friendly. PNC Bank has opened LEED-certified "Green Branches" in Newtown Township and Warrington, in which more than 50 percent of the branch is made from recycled materials and energy usage is more than 50 percent less than traditional branches.
"We've discussed it with customers and we've had some great conversations with them," said Jody Gallo-McEachern, the Newtown Township branch manager. "It's something we like to brag about and it's really received well by clients." Bank of America recently tapped Falls' Field Diagnostic Services Inc. to supply it with energy management systems for 3,300 banking centers nationwide to help the lender cut energy costs and promote environmental sustainability.
A spokeswoman for the American Bankers Association, a Washington, D.C.-based trade association, said it's no surprise banks are getting greener. "It certainly is a buzzword now, but I think it comes down to the customer satisfaction," said spokeswoman Carol Kaplan. "I think it's driven by customer demand."
Another trade group, the Independent Community Bankers of America, is working to enroll member banks in the U.S. Environmental Protection Agency's Energy Star Program, which offers simple strategies to reduce energy costs by an average of $3,500 per year per branch.
The ICBA's Bill Grassano said "a couple of hundred" have enrolled so far, for various reasons. The biggest, he said, was likely the financial savings. "There are a number of reasons, but the bottom line is that this is a business decision and they're businessmen," Grassano said.
Source: PhillyBurbs.com