With the turn of the New Year in our rear-view mirrors, and the holidays becoming a distant memory, we might lose sight of our resolutions for giving back to the community and those in need. As a registered benefit corporation, GreenChoice Bank knows that living, working and growing in one's community and for one's community year-round is what makes us all stronger and allows us to thrive.

This past December, heroic kids showed us this spirit of community as they participated in our Holiday Heroes initiative, bringing new and gently used, unwrapped toys and thoughtful essays to our branches in Cicero, Lockport and Chicago. Kids received a Holiday Heroes deposit slip from a GreenChoice Bank associate to help track their deposits, and the hero with the best essay and the hero with most toys donated were recognized in the media and invited to a GreenChoice Bank branch for special acknowledgement.

Our hero with the winning essay, Ariana Rodriguez, age 10, of Joliet, wrote, “It’s important to give to kids and people that are less fortunate because you are not only helping them but you are letting them know that someone cares for them.” Pictured above with Green Exchange branch manager, George Caraballo, the Heydenburgs from Buffalo Grove – Riley, 8, Dylan, 9 and Colin, 5 – were recognized for their toy donations. Riley also shared thoughts in her essay, “It makes me feel happy to give something to people who need some help. If everyone helps out, our world would be a better place.” While many children were making wish lists this season, these heroes were thinking of kids whose lists might not have been fulfilled. The toys collected by GreenChoice Bank’s three branches were donated to kids at holiday parties held by Logan Square's Boys and Girls Clubs, Lockport’s Toys for Tots and Cicero’s Mary Queen of Heaven School.

How can we follow these heroes’ examples throughout the year? As you may have read in our Jan. 14, 2013 blog post on benefit corporations, GreenChoice Bank is pledging to use our resources and abilities for public benefit. You can do your part by looking for opportunities to improve the situation of someone or something in your community, even in a small way. Benefit corps believe that our efforts can inspire people and give them the tools to change the world. We can all contribute to this movement if we just remember the wise words Ariana (pictured right) wrote, “We should think of people who are in need all the time and … maybe next year they will be able to help someone else so the gift of giving can on keep going.”

GreenChoice Bank had an exciting first official day of business in 2013, becoming the first bank in the U.S. to register as a benefit corporation (pictured from left, GreenChoice Bank president and CEO, Harold Sherman, and me registering our corporate status at the Illinois Secretary of State's office.) On Jan. 2, GreenChoice Bank was among the first in Illinois to elect the benefit corporation structure – a new type of corporate entity designed to help create high-quality jobs and a more sustainable and inclusive economy. At least thirteen other Illinois companies also have registered or signaled their plan to register.

A benefit corporation is legally required to: 1) have a corporate purpose to create a material positive impact on society and the environment; 2) expand fiduciary duty to require consideration of the interests of workers, community and the environment; and 3) publicly report annually on its overall social and environmental performance using a comprehensive, credible, independent and transparent third-party standard.

Illinois is one of 11 states that have passed a benefit corporation law, which allows businesses to enjoy legal protection to create value for society, not just shareholders, while meeting higher standards of accountability and transparency. Other types of corporations are typically required to prioritize the short-term financial interests of shareholders over the interests of workers, communities and the environment. Similar legislation has passed in Massachusetts, New Jersey, Virginia, Louisiana, South Carolina, Hawaii, Vermont, Maryland, California and New York with strong bipartisan support. Fifteen other states are moving forward for 2013.

GreenChoice Bank believes that by creating valuable social and environmental impacts, while returning value to our shareholders, we are demonstrating that businesses serve a higher purpose and can create a sustainable economy that we are all proud of – an economy that serves the entire community and not just a select, privileged few. By realizing the greater benefit of our choices, we can contribute to an exciting new movement – benefit corps – and by doing this, show that what’s best for the world is also best for business.

Please share your ideas on how to support businesses that are dedicated to the greater good here or on our Facebook page. For a comparison between Certified B Corps and benefit corporations, see our Aug. 30 blog post, “B Corps, Benefit Corps, Better Corps” and for additional background on benefit corporations, including national and local legislative updates, see www.benefitcorp.net. Thanks for your support!

The holiday season can be a time of joy and togetherness for many families, but for those less fortunate, it can be a time of sadness and stress. We’re happy to be able to help with our second annual new and gently-used toy drive. We’re collecting again this year for Logan Square's Boys and Girls Clubs, Lockport’s Toys for Tots and Cicero’s Mary Queen of Heaven School. Last year’s drive made a difference for many area families and we’re hoping this year’s drive will help even more!

This year, we’re taking the holiday drive one step further by asking kids to take the lead as Holiday Heroes. Through Dec. 14, kids are invited to stop into any GreenChoice Bank branch with new or gently used, unwrapped toys and/or an essay they’ve written of up to 100 words, on why it’s important to give, help and share during the holidays and every day. When a Holiday Hero brings toys or an essay to a branch associate, they’ll fill out a Holiday Heroes deposit slip – we’ll be hanging and sharing our Heroes’ essays and tallying each Hero’s toy totals. The Hero with a special essay chosen by our staff and the Hero with the most toys donated will be celebrated in GreenChoice Bank's coverage of the Holiday Heroes promotion! We’ll also contact our Extraordinary Participants and invite them to a GreenChoice Bank branch for a special acknowledgement.

 All kids who deposit toys and essays will be winners, receiving a smart savers’ worksheet, a treat and the satisfaction of knowing they’re spreading the holiday spirit. Of course, we welcome Heroes of all ages to bring in toy donations and help us spread the word! Please take a minute to encourage your favorite Heroes to participate by sharing a link to this blog post on your Facebook page or circulating the attached flyer: GCB_HolidayHeroLgFlyerPRESS.pdf (747.74 kb)

We are grateful to all our friends, customers and Heroes for helping us wish others a happier holiday.

With Gov. Pat Quinn’s Aug. 2 signing of the Benefit Corporation Act, Bill SB2897, there has been a lot of talk about its value and the difference between a benefit corp and a Certified B Corp. I’d love to hear your thoughts about these options and how they might be a fit for your business.

The concept of the Benefit Corporation was introduced and supported by B Lab and the community of Certified B Corporations to create a new corporate form. According to a white paper on the topic, “a benefit corporation is the corporate structure that best meets the needs of the growing number of entrepreneurs and investors who seek to use business as a tool to solve social and environmental problems.” Illinois is now the 10th state to join the benefit corporation movement.

How are benefit corporations different from traditional corporations?

A business that is a benefit corporation is required to have:

1. Purpose – to create a material, positive impact on society and the environment
2. Accountability – expanding its fiduciary duty to require consideration of the interests of workers, community and the environment
3. Transparency – by publicly reporting annually on its social and environmental performance against a comprehensive, credible, independent and transparent third party standard

How are benefit corporations different from B Corporations?

Both are sometimes referred to as B Corps – they have much in common but do have a few important differences. Certified B Corporation is a certification conferred by the nonprofit B Lab. Benefit corporation is a legal status administered by the state. Benefit corporations do not need to be certified. Certified B Corporations have been certified as having met a high standard of overall social and environmental performance, and as a result have access to a portfolio of services and support from B Lab that benefit corporations don’t. Benefit corporation laws have now been enacted in eleven states and the legislation is voluntary with no cost to the state.

GreenChoice Bank is proud to be a Certified B Corp and the great news is, whether a business is a B Corp or a benefit corp, it’s all for better business. What is your business doing for the better and which type of corp. might it be?

At GreenChoice Bank, we’re honored to have connections and conversations that can help us all become more socially, environmentally and fiscally responsible. One inspirational opportunity for our bank will be as a proud supporter of the Bioneers conference, at the University of Illinois at Chicago’s Student Center East, Nov. 2 through Nov. 4.

The Bioneers organization is a uniquely rich trove of “ideas lying around.” Since 1990, Bioneers has served as a think-tank for leading social and scientific innovators, providing opportunities for people to connect and inspire one another through global, national and local conferences. Bioneers’ also has an award-winning WFMT radio series and provides curricula materials to schools. Now in its 23rd year, Bioneers’ conferences are held in various cities annually in October and November. Content focuses on a wide range of social and environmental topics, through progressive presentations, workshops and performances focused on social and environmental issues.

Great Lakes Bioneers Chicago (GLBC) – a new affiliate of the national Bioneers movement – will be guiding Chicago’s very first Bioneers conference in November. This thought-provoking event is themed “The Living City” and will explore solutions to some of Chicago’s most pressing challenges and showcase some of Chicago’s most forward-thinking projects. Music, performance art, poetry and a continuous run of TED-style talks will inspire attendees to interact, learn and infuse new ideas into their lives and professions.

Chicago will become the largest city in the U.S. to host a Bioneers gathering, with more than 1,000 innovators and visionaries expected to participate. Just a few of the more than 50 dynamic speakers scheduled for the Chicago conference include:

• Vandana Shiva, internationally-recognized environmental activist, scientist and author
• John Edel, Chicago-area “Eco-Preneur” and creator of the world’s first vertical farm
• Nina Simons, co-founder of National Bioneers, Starhawk. activist and author on earth spirituality
• Jerry Wilhelm, writer and nationally-recognized botanist and ecologist
• Mark Lakeman, co-founder of the City Repair Project in Portland, Oregon
• Richard Heinberg, author and senior fellow at the Post Carbon Institute

We hope to share ideas with you at the conference, here in this blog and on GreenChoice Bank’s Facebook page. Together, we can generate impactful solutions that benefit our people and our planet!

As a community-focused bank, we have been wondering…what are some of the critical ingredients needed for a healthy, thriving neighborhood? From our flagship location at Green Exchange, we’ve had the pleasure of seeing the meaningful contributions the Logan Square Neighborhood Association (LSNA) is making in Chicago.

LSNA directly serves more than 7,000 adults and children through various programs, and their organizing work impacts tens of thousands more. The LSNA initiates and oversees a wide range of projects designed to strengthen the community and empower its residents. Their great work, which ranges from the addition of new, affordable housing to establishing community gardens near schools and senior citizen housing, is powered by volunteers (sometimes 50 or more!) who enjoy meeting their neighbors and beautifying Logan Square.

Beautifying the neighborhood at Unity Park's
Earth Day 2012 event

LSNA supports a thriving parent mentor program and has guided area youth to canvass the neighborhood, interviewing and connecting with neighbors to assess the potential impact of the new Bloomingdale Trail. The LSNA recently awarded prizes to 12 Logan Square youth for their visionary designs of the Bloomingdale Trail, from 170 submitted entries.

A solid business community is also a critical part of an area’s success and LSNA works one-on-one with local businesses to help them get established and grow. When we asked Deborah McCoy, the LSNA’s development/communications associate, what makes Logan Square such a great place to live and work, she stressed that everyone who lives in a neighborhood is critical to its well-being – from the businesses that employ local people to the families that energize its schools. In fact, McCoy, a long-time Logan Square resident, hasn’t had a car in years, finding that her favorite foods, festivals, businesses and green spaces are just a walk or a bike ride away.

Parent mentor graduation at Monroe Elementary
School in Logan Square

What makes for a healthy, thriving neighborhood? We’d love to hear how your community is making positive changes for its environment and its residents!

We are fortunate to contribute to a vibrant community that’s making significant strides in sustainable living – check our “likes” on Facebook to see just a few of the many inspirational local stories! Innovative, thoughtful, sustainable businesses have GreenChoice Bank’s depositors to thank for helping make their missions a reality. Every dollar customers deposit is like a vote for sustainability. Deposits become loans that we are able to make to local and sustainable entrepreneurs and organizations that are creating jobs and supporting Chicago-area communities. Where you bank does make a difference. We appreciate your votes of support!

GreenChoice Bank has launched a new initiative to accept the Mexican Matricula Consular ID Card – along with an original ITIN (Individual Taxpayer Identification Number) letter – for customers opening retail deposit accounts. If you’re not familiar with the card, it’s issued by the Mexican government to its nationals residing outside of Mexico and is sometimes their only form of photo identification. Lack of the card’s acceptance by U.S. banks has been an obstacle for Mexican nationals, whose alternatives are often to remain unbanked or pay high fees for check cashing privileges. We hope that offering this capability will help meet the growing needs of the diverse communities we serve.

Sample Matricula card

To open an account with the card, customers must present it in person at one of our three branches – in Cicero, Lockport or Chicago. If the address on the card is not current, we’ll need a supplementary proof of address, and these cardholders will need to provide their original IRS-issued ITIN letter and complete a third-party ID verification.

If you have questions or thoughts about using the card or how to get started, stop in, give us a call or post here or on Facebook. We look forward to providing this new service!