Protecting the environment is a critical issue for all of us as we witness firsthand the impact of climate change. At Sandy Spring Bank, we utilize sustainable business practices that minimize our own impact on the environment while serving as a financial services partner for clean energy and energy efficiency projects.

Our ongoing effort to reduce our reliance on paper is accomplished through digitalization, waste reduction, and recycling. As we modernize aging facilities, we also upgrade their energy and resource efficiency. In 2023, we renovated our company headquarters, which included the complete replacement of the almost 40-year-old heating and cooling machinery with a modern, energy-efficient system. During this renovation, other efficiency features were added, such as motion-sensor lighting and new, energy-efficient appliances.

For more information on the risks posed by climate change to our business, see our Annual Report.

Supporting Clean Energy and Energy Efficiency

Sandy Spring Bank has been a proud financial partner of Solar Energy World for over 10 years. Solar Energy World is one of the fastest growing, independently owned solar installation companies on the East Coast, ranked the #10 solar installer for total residential kW installed in 2022 by Solar Power World, and the largest in Maryland for the fifth consecutive year.

In 2023, we partnered with Suntrail Energy to finance a $1.3 million rooftop solar project in Temple Hills, Maryland (pictured right)(pictured below). Suntrail Energy is a concept to completion development, design and construction company specializing in commercial and industrial solar projects primarily in the Mid-Atlantic region.

Embracing Digital Tools

We continue to upgrade our technology to reduce our paper use and reliance on paper-intensive processes. These initiatives reduce our carbon footprint while making it easier for clients to do business with us.

Key processes that are now digital include:

Mortgage loan disclosures

In 2023, over 96% of initial mortgage disclosures were delivered by e-disclosure rather than through paper compared to 86% in 2022.

Mortgage loan closings

Our e-closing tool allows mortgage borrowers to sign the majority of their closing packages electronically, which significantly reduces the size of the physical closing package and the time borrowers need to spend at closing. In 2023, 80% of our closing were done through either a hybrid or full e-close process.

Commercial Loan Processing

Our commercial banking system enables us to process commercial loans with far fewer — and sometimes zero — paper documents.

Consumer Banking

In 2023, we introduced our new personal online and mobile banking platform providing more features to allow clients to manage their account information, track debit cards, pay bills, move money, make payments, and more — all safely and easily.

47%
of eligible clients received electronic statements.
50%
of eligible clients used our digital banking tools.

Reducing Waste

Our shredding and recycling efforts keep our clients' personal information safe while reducing waste. In 2023, we recycled an estimated 231,379 pounds of paper. In addition to the recycling of paper, we provide recycling bins to collect glass, plastic, and other recyclables throughout our network of properties.

We work with our suppliers to procure products from renewable sources, including recycled paper products, whenever possible.

In addition, by increasing our use of document imaging, we are significantly reducing the amount of paper and ink we purchase. During 2023, we purchased approximately 15% less paper than in 2022 and the amount of paper purchased in 2023 is 56% less than the amount purchased in 2019.

We began working with a new electricity provider with a greater ability to track our energy use. A working group now meets regularly to review our monthly usage.

231,379
pounds of paper recycled saved1:
614
trees
5,854
gallons of oil
185,248
gallons of water
61,826
kilowatt hours of energy
  1. Data from calculator at https://www.montgomerycountymd.gov/sws/footprint/

Reducing Energy and Resource Usage

We contribute to a sustainable environment through business practices that protect and conserve natural resources. Highlights of our efforts include:

LED Upgrades:

We have installed energy-saving LED light bulbs and fixtures throughout our facilities.

Renewable Energy:

Under our electricity supplier agreement for our Maryland and Washington, D.C., locations, we purchase renewable energy credits equal to 10% of our total annual usage. Each credit represents the environmental benefits of 1,000 kilowatt-hours of renewable energy that can be paired with electricity.

Energy-Efficient Systems:

New and renovated locations include energy-saving, time-controlled HVAC systems and light fixtures with sensors that detect motion. We also evaluate HVAC systems in our new and renovated locations for energy-saving upgrades, and purchase ENERGY STAR appliances whenever possible.

Water Consumption Programs:

New and renovated locations include water dispensing machines, which reduce use of plastic water bottles; faucets with motion sensors; and water-saving toilets.

Energy Usage Monitoring:

In 2023, we continued our energy use monitoring initiative. Regular review of usage data for energy reduction opportunities has resulted in more robust response to usage anomalies. We evaluate HVAC systems in new and renovated locations for energy-saving upgrades, and track energy use savings at locations where upgrades have been installed to inform future upgrade decisions.

Energy Star Benchmarking:

In 2023, we completed the Energy Star Benchmarking process for three Montgomery County office locations.