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.
Every year, B Lab recognizes the top-performing B Corps creating the greatest impact through their businesses. Honorees are recognized for having the highest environmental, community, customer, worker and overall impact by earning a score in the top 10% on the B Impact Assessment, as well as a list recognising B Corps with the greatest impact improvement (the changemakers). These businesses are proving that competing not only to be best in the world but best for the world is a winning strategy, and they can lead the way as mainstream businesses join our movement. This year, 4 CDBA members were named Best for the World: Beneficial State Bank, Spring Bank, Sunrise Banks, and Virginia Community Capital.
As a senior vice president at Silicon Valley Community Foundation (SVCF), one of Bert Feuss' primary jobs is to decide where to invest the money that comes from donors. But when he went looking for a bank to deposit with, he specifically wanted one that would sign on to the Anti-Displacement Code of Conduct. This pledge would ensure that the financial institution would avoid making loans to developers who rely on the eviction of existing residents. While other banks hesitated, The Community Bank of the Bay was more than happy to agree. CDBA members Amalgamated Bank and Beneficial State Bank are also mentioned in this article.
Many impact oriented banks are now looking to restrict their investments to only environmentally sustainable companies. This includes Amalgamated Bank's refusal to invest in companies that harm the planet, Sunrise Banks seeking high financial and environmental returns, and Beneficial State Bank's distribution of profits to environmentally conscious community projects. Supporting banks like these are a great way the average consumer can play their part.