Ken LaRoe, Founder of First GREEN Bank, a local bank with a global mission, today announces the appointment of Chief Executive Officer, Keith Costello. LaRoe himself will focus on his role as Chief Executive Officer of First GREEN Bancorp, allowing him to focus on expansion. Plans for the holding company include acquiring additional banks, spreading the values proposition and adding complementary businesses to its portfolio.
LaRoe and Costello first began their business relationship in 2009, when they were granted the last two bank charters in Florida. While LaRoe established First GREEN Bank, Costello founded his own successful community bank, Broward Bank of Commerce in South Florida. Now the pair have joined forces in order to spread First GREEN Bank's banking capabilities and its global mission into additional markets, utilizing Costello's more than 25 years of banking leadership experience and prominence as a community leader.
"Five years after we founded Broward Bank of Commerce, the bank had become so successful that we were able to sell it," said Costello. "After that, I was looking for something really unique to do -- I didn't want to just work at another bank. Ken and I had established a strong business relationship since we started our banks at the same time and I really admire his values-based mission. It was an easy decision for me come on as CEO of First GREEN Bank, and I'm grateful to be a part of such an excellent team."
As a values-driven business leader himself, Costello has always placed a high importance on doing the right thing for his staff, the community and his shareholders. Because of this, stepping into his new leadership role at First GREEN Bank is a natural fit. Continuing to operate out of the South Florida marketplace, Costello will leverage his strong banking reputation and highly respected leadership visibility within the community. With Costello leading the First GREEN Bank team, LaRoe will have the opportunity to focus his efforts on growing First GREEN Bancorp and acquiring new businesses.
"Due to the continued growth of First GREEN Bank, I felt it was necessary to add a Chief Executive Officer to our team in order to take the bank to the next level," said LaRoe. "I've known Keith for more than seven years now and I've seen what he can do. I am confident that he is the right fit for our team, and believe that his level of expertise will help First GREEN Bank continue to see success while I turn my attention to expanding First GREEN Bancorp."
First GREEN Bank's commitment to its mission and superior customer service has led the organization to achieve great financial success. Last year, the company reached $3 million in net profit and as of the first quarter of 2016 has amassed $420 million in assets, of which more than $327 million were loans to small and medium enterprises (SME). With Costello's expertise and leadership, the bank will continue surpassing its financial goals while staying true to its values.
About First GREEN Bank
First GREEN Bank, which opened in February 2009, was organized by experienced banking executives and business leaders in Central Florida, and was designed to be the first bank of its kind to promote positive environmental and social responsibility while providing for increased profits for investors and clients.