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There isn't a business in the world today that won't claim it is concerned about environmental issues. But it is a much, much smaller number that actually puts its money where its mouth is.
The Coolidge Corner branch of Wainwright Bank is a proud member of this exclusive club. The company doled out an extra 13 percent in design and construction fees over and above its usual costs to ensure that the building could be a certified "green space" by the U.S. Green Building Council.
"This is good for the community, it's good for the environment and it's good for business," said Steven Young, senior vice president at Wainwright. "This is the future."
Though the branch has been open for some time already, it opted to hold off on the official grand opening celebrations until this week to coincide with the Muddy River Environmental Film Series, of which it is a sponsor.
"We're new in the neighborhood and the connection with the Coolidge Corner Theatre just seemed natural since, like us, they see themselves as having a socially responsible mission in the community," Young said. "It was a good fit."
So what exactly comprises a "certified green space"? Start with 50 percent of the materials and fixtures torn out of the old space being recycled. Then add cabinets and counters made of cornstalk fiberboard and recycled bamboo flooring. (Bamboo grows almost as fast as grass, making it a much more rapidly renewable resource than, for example, old-growth forests.)
Continue on with recycled aluminum window frames, low-flow faucets and heating and refrigeration completely free of CFCs. But that's not all: Add "sun tubes" strung from the roof to take in and greatly magnify natural light, working in tandem with electronic sensors that automatically lower the electric lights when Mother Nature is providing adequate illumination. (The 80-foot wall that runs the length of the teller area is lit with the same amount of power as a 60-watt bulb.)
It may seem counterintuitive for a bank to spend more
money and take significantly more time to build a branch,
which begs the question: why did Wainwright do it?
"Supporting pro-environment policy has long been a part of our total social agenda," Young said, adding that the bank has given hundreds of millions of dollars to progressive causes, including HIV/AIDS research, food banks, homeless shelters and inner-city development. "The technology is available now for us to build environmentally conscious branches, and we want to be leaders, not followers.
The upcoming Newton Centre branch will also be a "green space."
Nevertheless, the company isn't taking the new expenses on the chin. The more expensive fixtures will eventually pay for themselves in the form of lower utility bills, he promised.
"I've been in banking a long time now," said Kenneth Jaffe, longtime Coolidge Corner businessman and now Wainwright Bank's business development officer. "I've seen banks throw some money at social causes as a gimmick, but these guys are the real deal. They are totally fearless when it comes to their beliefs. They pursue both their financial and social objectives in a very smart way with an eye on results, not pretty press releases."
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