Traditional Banking with Ken LaRoe - Episode 15

Pitchology

Ken LaRoe was a banker who decided to start a values-based bank. He was inspired by Yvon Chouinard's autobiography and his experience in the cannabis industry. He sold his first bank and then circumnavigated the country with his wife in a mini motorhome. He eventually started Climate First Bank, which was a part of the Global Alliance for Banking on Values. He served on the board of the Global Alliance for Banking on Values.

Ken also shares his story of how he got involved in the industry and how he has seen firsthand the difference that green initiatives can make. He talks about the importance of making a profit while also doing good, and how few people in the industry are actually doing that.

Who’s The Guest? After graduating from Florida State University, Ken LaRoe’s banking journey started in 1982 at the Flagship Bank in Tavares, Florida. In 1996, he joined the Colonial Bank as the President for their Lake County operations and founded the Florida Choice Bank in 1999 which grew its assets to $400 million before being sold to the Alabama National Bankcorp in 2006.

Ken was inspired by Yvon Chouinard's autobiography and his experience in the cannabis industry after selling the First GREEN Bank. In the summer of 2020, he began working on a business plan and application for the Climate First Bank. After overcapitalization at $44.2 million, the bank was granted a charter by the State of Florida and the FDIC. The bank opened June 1, 2021 in St. Petersburg, Florida to a huge reception as the only Benefits Corporation bank in the State of Florida. Additionally, the bank was Net Zero day one as well as a member of 1% For the Planet and a provisional B Corp.

Highlights

• The tough time that Ken and his wife went through
• Using cannabis as a treatment for seizures
• The process of selling his first bank and traveling with his wife
• The evolution of a values-based bank: From First GREEN to New Resource
• Importance of green banking
• The transformation of capitalism to impact investing
• The power of collaboration: How two men are making a difference
• Vision of the Climate First Bank
• The business model of Climate First Bank
• Using storytelling as an art form that entrepreneurs need to master
• Characteristics of an ideal entrepreneur to work with
• Impact of investing on businesses
• Building a bank to last with the Climate First Bank
• The benefits of going public
• Why traditional banking doesn’t work for businesses and entrepreneurs
• Kinds of investors they are looking for

Call to Action Join the Early Access List

Episode Resources

• Connect with Steve Distante
• https://pitchology.ai/
• https://joinvanderbilt.com/
• https://www.facebook.com/stevedistanteCEO/
• https://www.linkedin.com/in/stevedistante
• https://twitter.com/Sdistante
• https://www.instagram.com/sdistante/
• Connect with Ken LaRoe
• https://www.climatefirstbank.com/
• https://www.firstgreenbank.com/
• https://www.facebook.com/FirstGREENBank
• https://kenlaroe.com/
• https://www.linkedin.com/in/kenneth-laroe-92887510