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Sponsored by: Androscoggin Bank
May 10, 2025

Banking With a Purpose

What does sustainable finance mean to you, and why does it matter now more than ever?

Neil Kiely, President and CEO of Androscoggin Bank

To me, sustainable finance is about leveraging capital to improve our world. It’s the recognition that every financial decision is also a values decision—whether we admit it or not. In a world facing urgent challenges—from climate instability to systemic inequality—banks have a choice: continue to fund the familiar, or finance the future. At its best, sustainable finance doesn’t compromise returns; it redefines them. It invites us to measure success not just by what we earn, but by what we enable. Sustainable finance turns everyday banking into a force for good—locally rooted, globally aligned, and guided by purpose.

How has being a Certified B Corp shaped your strategy around sustainability?

Becoming a B Corp wasn’t the finish line—it was the foundation. It gave us a framework for thinking holistically about people, environment, and our comminities. It also holds us accountable. Every decision we make—from credit policy to community investment—is filtered through that lens. That’s what led us to build the Sustainable Impact Program.  We believe banking should be in service of something greater.

I recently heard about the Androscoggin Bank Sustainable Impact Program you just mentioned. Can you tell me more about this?

The Sustainable Impact Program empowers clients to align their deposits with their values. Every dollar fuels initiatives like affordable housing, clean energy, education, and inclusive economic growth right here in Maine. It’s traditional banking—but with intention and measurable outcomes. We handle the complexity so clients can see their money create meaningful change without sacrificing financial performance.

Who are your ideal program partners? And how would you determine if a loan would be eligible for this program?

We’re looking to work with individuals and organizations who understand money isn’t neutral—it can either uphold the status quo or push us forward. Our ideal partners are those who want to see their deposits in motion, supporting innovation, equity, and sustainability. Ultimately, purpose-driven businesses and individuals who value long-term impact are a natural fit.

On the lending side of the program, we evaluate projects through the lens of the United Nations Sustainable Development Goals—17 global priorities for a better world. Whether it’s clean energy, healthcare access, or sustainable food systems, we look for alignment with these objectives and ensure that financing decisions are both principled and practical.

Can you share some of the wins you’ve seen with the program so far?

Absolutely. To start, we’ve partnered with MaineWorks to support individuals in recovery and reentry as they rebuild their lives through meaningful employment. We’ve also launched our Islamic financing alternative, expanding access to homeownership for members of the Muslim community. Both of these examples are deeply human stories that show how aligned deposits can create opportunities and build lasting progress in our communities. We were fortunate enough to have the program and these two examples featured in CNBC’s 50 SDG Leaders series, alongside organizations like IBM and Proctor & Gamble.

What role do depositors play in driving real-world impact?

Depositors are the engine behind sustainable finance. Their capital doesn’t just sit—it moves. It supports solar installations, funds affordable housing, and strengthens local economies. At Androscoggin Bank, every deposit in the Sustainable Impact Program is an investment in Maine’s future. It’s powerful to realize that with one decision—where you bank—you can accelerate meaningful change. Purpose-driven deposits are how individuals and organizations become catalysts.

Are there any misconceptions about sustainable banking you think the industry needs to correct?

One major misconception is that sustainable banking means sacrificing performance. That’s simply not true. You don’t have to choose between strong returns and strong values. Another is that impact is abstract or hard to see. We believe it should be tangible, local, and measurable. When done right, sustainable banking is not a niche—it’s the next evolution of responsible finance.