Episode 173: Ken LaRoe

Born and raised, in Eustis, Florida, Ken LaRoe earned a B. S. in management at Florida State University and a J.D. at The University of Florida College of Law. Mr. LaRoe is also a Leadership in Energy and Environmental Design Accredited Professional (LEED AP). Ken is married to Cindy LaRoe, a physician who was also born and raised in Eustis, Florida. In fact, Cindy was born exactly one week before Ken, at the same hospital, and they have been together since 1974. Ken and Cindy are also athletes and artists. Both are especially avid cyclists, having competed for several years and represented Team USA in the 2008 Duathlon World Championship in Italy. Ken also competitively completed the Ironman Florida triathlon in 2007 as well as other triathlons, duathlons, marathons, etc. over the years. The LaRoe’s have two children, Mackenzie and Zach and three grandchildren, Rhapsody, Arcadian and Seneca.

Mr. LaRoe’s professional journey began in the 1980s at Flagship Bank in Tavares, Florida. During his time with Flagship Bank, Mr. LaRoe worked his way to becoming vice president. He then joined SouthTrust Bank in Deland, Florida in 1987 as senior lender. Mr. LaRoe subsequently enrolled at University of Florida College of Law where he graduated then returned to Lake County and practiced law. In 1996, Mr. LaRoe joined Colonial Bank as president of the Lake County branch and was instrumental in the conversion of the bank from a troubled thrift to a viable commercial bank. After his success at Colonial Bank, LaRoe went on to found Florida Choice Bank in 1999 and was the largest shareholder, chairman and CEO. Mr. LaRoe grew the bank to over $400 million in assets by 2006 when the bank was sold to Alabama National Bancorp for what was the highest multiple recorded in the State of Florida. Mr. LaRoe planned to retire after selling Florida Choice Bank in 2006, and he set out with his wife on a lengthy, soul-searching journey across the U.S. in a mini motor home. Along the way he began reading a book his brother had given him: “Let My People Go Surfing,” by Yvon Chouinard, founder of Patagonia, the highly successful outdoor clothing and equipment company. Chouinard’s philosophical approach to business greatly influenced Mr. LaRoe. He became convinced that business can be holistic: in addition to making a profit, business can have a positive impact on society. Chouinard developed a business model which integrated his principles and professional acumen, and he was able to experience enduring success without the degree of ethical compromise that often counters the contributions business leadership can
make to our environment and culture.

Mr. LaRoe then went on to found First Green Bank, the first bank in the United States with an environmental focus. He began the bank with a clear vision to do banking differently – in a way that was socially and environmentally responsible without sacrificing profit. Under Mr. LaRoe’s leadership as the Chairman, and CEO of both First Green Bank and the holding company, First Green Bancorp, the bank grew to over $825 million in assets with seven locations across Florida. The bank’s financial performance ranked in the top 10% of all banks in Florida while operating with a deep impact philosophy. Mr. LaRoe successfully sold the bank in October 2018.

He is a founding member of the Global Alliance for Banking on Values (GABV) North American chapter and served on the GABV board of directors. Fighting a regressive political and environmental industry, LaRoe has a unique identity in the banking industry as he continuously challenges the status quo through his strong commitment to values-based business practices. “A local bank with a global mission” is more than just the First GREEN Bank motto — LaRoe has made it his personal mission to spread those values throughout Florida and beyond.