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Thu, 08/09/2001 - 13:00 | by Wesley Furgiuele
August 9, 2001
ENVIRONMENTAL STEWARDSHIP FUNDED BY INNOVATIVE MONEY MARKET ACCOUNT
Domini Social Investments and ShoreBank Expand Partnership
New York, NY – Domini Social Investments LLC, a New York-based socially responsible investment adviser, and ShoreBank (formerly South Shore Bank), a Chicago-based community development bank, announced that the Domini Money Market Account has been expanded to include ShoreBank Cleveland, and ShoreBank Pacific, as well as ShoreBank’s Chicago banking facilities. By depositing funds in these three separately chartered banks, the Domini Money Market Account can provide up to $300,000 of FDIC insurance per depositor.
In a unique arrangement between Domini and ShoreBank, the Domini Money Market Account is fully invested in ShoreBank and all deposits are used in ShoreBank’s business of making community development loans in underserved communities. In addition, all loans made by ShoreBank Pacific, the first and only environmental bank in the United States, are focused on conservation-based small businesses.
“Our unique partnership with ShoreBank allows our investors to put their money to work in ways that directly impact communities and the environment,” said Amy Domini, founder and a managing principal of Domini Social Investments. “This partnership has added a very important third leg to our product offerings: first, we screen our investments for socially responsible business practices; second, we participate in shareholder advocacy to encourage higher standards of corporate social responsibility; and third, we invest directly in community economic development.”
Since it’s inception in 1995, the Domini Money Market Account has become the single largest account at Shorebank, with over $60 million in assets invested across ShoreBank’s three affiliated banks. During that time period, ShoreBank’s community development loans have increased from $45 million to over $145 million. The loans are used to fund small businesses, build affordable housing and create opportunity in low- and moderate-income urban and rural areas.
“The Domini Money Market Account has been critical to our success in making available community development loans that focus on the real needs of communities,” said Jean Pogge, Senior Vice President of ShoreBank. “Our partnership with Domini Social Investments, our recent expansion into new markets, and the addition of environmental banking to our array of investment services represent exciting new directions for ShoreBank.”
In addition to the Domini Money Market Account, ShoreBank also serves as the sub-adviser for the Domini Social Bond Fund (Ticker: DSBFX), a socially and environmentally screened bond fund that devotes up to 10% of its assets to community economic development. “As far as we know,” said Ms. Domini, “this is the only mutual fund that is managed by a Community Development Financial Institution. Our partnership with ShoreBank underscores our commitment to pursue our shareholders’ investment goals while channeling critically needed capital to underserved communities.”
Domini Social Investments manages more than $1.7 billion in assets for individual and institutional investors seeking to create positive change in society by integrating social and environmental factors into their investment decisions. Its flagship fund, the Domini Social Equity Fund (Ticker: DSEFX), was the first socially and environmentally screened index fund and is the nation’s largest socially responsible mutual fund. The Fund includes companies with positive records in community involvement, the environment, diversity and employee relations, and excludes companies deriving significant revenues from alcohol, tobacco, gambling, nuclear power and weapons contracting.
Only your Domini Money Market Account is insured. Your Domini Social Equity Fund and Domini Social Bond Fund accounts are not insured. Your maximum level of insurance will be determined based on the aggregate of all funds you have on deposit at ShoreBank or any of its affiliated banks, including your DMMA.
The Domini Funds are subject to market risk and are not insured. You may lose money. Please obtain a prospectus for more information on fees and expenses by calling 1-800-225-FUND, or online at www.domini.com. Read it carefully before you invest or send money. DSILD is not affiliated with any bank. DSIL Investment Services LLC (DSILD), Distributor. 8/01