A new digital bank focused on sustainable farming and food is set to launch in the US, following a successful $24 million raise through Special Deposit Shares.
Walden Mutual Bank, the first new mutual bank to gain FDIC approval in 50 years, will provide an opportunity for individuals to support a more sustainable and equitable local food ecosystem. Based in Concord, New Hampshire, the bank has raised funds from over 230 community investors, enabling it to be mutually owned while meeting the modern capital requirements for new banks.
With a lending pipeline exceeding $50 million, Walden Mutual will soon open its virtual doors, utilizing depositors’ funds to provide loans to local sustainable food businesses, farms, and other ventures within the regional food ecosystem.
Charley Cummings, president and CEO of Walden Mutual, stated, "We view the mutual structure as ripe for reinvention in the modern era. When many are clamoring for companies to deliver holistic value to all stakeholders, mutually governed organizations are poised to deliver."
Additionally, Finextra has announced its fifth Sustainable Finance Live conference and hackathon, scheduled for November 29. For more information and registration details, please visit the event page here.