Androscoggin Bank leads in sustainable banking, aligning with the 17 UN SDGs. Learn more at sustainablebanking.com.
Androscoggin Bank is quickly proving that financial institutions – large or small – can be catalysts for meaningful change. While many banks cling to traditional, transactional models, Androscoggin is boldly embracing sustainable banking practices that prioritize both economic growth and social responsibility. The Maine-based Bank has reinvigorated its founding mission of serving the local community, and has earned B Corporation certification along the way, which rigorously measures sustainability across five key dimensions.
“The primary advantage of our 154 year-old history is that we naturally see the world—challenges and solutions included—through a multigenerational lens,” noted Neil Kiely, CEO. “This aligns perfectly with the premise of United Nations Sustainable Development Goals, which is that we need to ensure future generations have the same resources and means available to live healthy and fulfilling lives.”
Sustainable Banking and Impact Starts With Deep Listening
The Bank has earned a reputation for being a trailblazer among community banks, in part due to its innovative solutions that address overlooked community needs. A prime example is the Bank’s unique Islamic mortgage alternative, developed through deep partnerships with non-profits serving Maine’s growing Muslim population. These non-profits highlighted how traditional mortgage structures often conflict with Islamic financing principles, leaving many families unable to achieve the dream of homeownership.
Understanding the enriching contributions of this community to Maine’s economy and culture, the decision was simple. Androscoggin listened, learned, and took direct action—creating an alternative mortgage solution that empowers these families to build equity while contributing to Maine’s vibrant economic fabric.
“By reducing these barriers to the banking system, we are striving to empower these community members to fully participate in Maine’s economy, so they can each make their own contributions and grow the pie for everyone,” said CEO Neil Kiely.
Sustainable Impact Program Links Scale to Personal Values
The success and positive reaction to the Islamic mortgage alternative inspired the Sustainable Impact Program, which allows businesses and individuals to align deposits with their values. Loans that flow from the program directly empower organizations working to achieve the UN’s 17 Sustainable Development Goals.
Whether it’s combating climate change, expanding access to clean water, or supporting social equity, Androscoggin Bank ensures that every dollar in the program is tied to measurable and meaningful change. This is completely dissimilar to sustainable investing, which simply involves trading stock ownership with little impact on companies themselves.
And while accomplishments like reducing the Bank’s carbon footprint by over 60% and creating innovative products are noteworthy, Kiely stresses the importance of scale. “It’s not just about what we achieve—it’s about engaging more people in this work,” he says.
This collaborative approach is what sets Androscoggin Bank apart from its peers. By leveraging its position as a community-focused institution, they are building a network of like-minded partners committed to creating a better future for all.
Discover more about Androscoggin Bank’s commitment to sustainable banking at sustainablebanking.com.
