Beneficial State Bank
Beneficial State Bank, formerly One PacificCoast Bank, is a state chartered bank headquartered in Oakland, California with branches in California, Oregon and Washington. Founded in 2007, Beneficial State is a new kind of bank that offers customers the tools they need to build something beautiful. The bank’s commercial loans, transactional services and financial assistance are designed to serve businesses and nonprofits that are committed to building prosperity for our local communities and our environment, as well as individuals and families in need. A certified B Corporation, Beneficial State’s ownership structure is truly unique to the banking Industry; the bank is owned by a nonprofit organization, Beneficial State Foundation. When profits of the Bank are distributed, they can only be distributed to the Foundation, which is mandated to reinvest those proceeds back into the low-income communities we serve and environment upon which we depend.
Beneficial State Bank demonstrates their commitment to a triple bottom line of community, profit, and environmental sustainability at their recent art event, which brought together groups who on the surface appeared to have quite disparate interests.
Albina Community Bank and Beneficial State Bank are taking steps to increase impact in 2017 with several key leadership changes that build on the work of departing Albina CEO Cheryl Cebula. A 30-year banking veteran, Cebula joined Albina in 2003 and most recently returned the bank to strength and stability after the turbulent financial crisis. In preparation for Cebula’s March 31, 2017 departure to pursue other opportunities, her leadership roles are being assumed by Kat Taylor and Dan Skaff, co-CEOs of Beneficial State.
This recent Next City article clearly articulates the value-proposition of community development banks, as financial institutions that take on a triple-bottom line approach, "providing social justice and environmental well-being at the same time as being financially sustainable." CDBA Member Beneficial State Bank is highlighted in the work they have done to attract customers who are focused on aligning their vision for an ethical economy with their personal finances.