Socially-Responsible Saving
Many people think avoiding bad companies is the only way to practice socially-responsible investing. Not so. There's also "affirmative investing," which involves actively seeking out companies that support ethical values. Many banks and credit unions have become active in this way, particularly in the two areas of community housing and the environment. (If you're aware of any savings institutions that have a social agenda which involves a Christian emphasis, please let us know. Thanks!)
Shore Bank in Chicago (and now also Detroit) is widely regarded as the leading pioneer in this effort to use the savings of depositors to make a positive difference in the financial lives of others. Established in 1973, the bank's founders began with meager funds but abundant dreams. They believed that communities need more than physical and business development to prosper. They also need a long-term plan for improving family-income, along with services and financing for local manufacturers with growth potential. As the country's first "community development" bank, Shore Bank's mission has been to lend financial support to those in their community who are willing to help themselves as they seek better jobs and housing.
It does this by converting its customers' savings accounts and certificates of deposit into "development loans" to restore neglected rental buildings, finance small businesses, educate young people and support non-profit organizations. The transformation has been amazing in their initial target area of South Shore, an inner-city neighborhood of Chicago. Where there was once danger because of economic decline and abandoned properties, there now resides block after block of desirable apartments, competitive businesses, and homes that continue to appreciate in value.
Shore Bank welcomes investors from all over the country. Since its pioneering days in the 1970s, the bank has been joined by many other savings institutions with a socially-responsible agenda. If you desire to be a part of a mission for the good of others, you might want to contact some of the banks listed nearby. They offer a range of savings accounts and all deposits are federally insured (separate FDIC coverage of up to $100,000 for each depositor is provided). Before investing, take time to investigate the banks you're considering. While all the banks listed here emphasize community development, there are others supporting "socially-responsible values" many Christians may not be comfortable aligning with. 
- Got a question or comment about this article? Discuss it on our Message Boards.
