First Green Bank Reports Record Quarter Results: Assets up 18 Percent, Deposits Up 20 Percent, Loan Volume Up 15 Percent

Mount Dora, Fla. --- First Green Bank, the Lake County-based community bank that boasts it is “a local bank with a global mission,” reports its assets grew by more than 18 percent during the first half of 2012 and its deposits grew by more than 20 percent during the same period.

Kenneth LaRoe, chairman of First Green Bank, said the bank’s combined assets as of June 30, 2012, totaled $193 million, up more than $30 million from Dec. 31, 2011.

During the second quarter First Green Bank’s assets grew by more than $17 million, LaRoe said.

Bank deposits, which totaled $171 million at the end of the second quarter, were up more than 20 percent since the start of the year.

“We increased our deposits by $17 million during the second quarter alone,” LaRoe said.

First Green Bank, headquartered in Mount Dora, has offices in Clermont and Ormond Beach.  LaRoe announced First Green will open an office in downtown Orlando before the end of this year and offices in Winter Park next year.

“Our mission to encourage more sustainable communities that can rebuild our economy from the ground up is finding its market and gaining momentum,” LaRoe said. “We are very pleased, and we are greatly encouraged,” he said.

First Green reported similar growth in its retail and small business lending. Loans at the end of the second quarter totaled $140 million, up more than 15 percent since the start of the year.

First Green Bank’s loan volume grew by almost seven percent during the second quarter, LaRoe said.

The bank’s bottom line---profits---are likewise promising. First Green Bank reported year-to-date pre-tax profits of $522,698, with most of it---$375,931---coming in the second quarter.

A recent survey of 7,300 U.S. banks by MSN.com ranked First Green Bank one of the 359 safest banks in America and the only Central Florida bank to earn that distinction.