How the Albina-Beneficial State Merger Will Preserve the Storied Portland Bank’s Community Mission
Around 250 bank mergers and acquisitions take place every year. The merger between Portland-based Albina Community Bank and Oakland-based Beneficial State Bank took several years to finalize, and culminated in last week's signage and branding changes at Albina's five former branches in Portland. Both banks are Certified B Corporations whose bylaws commit them to voluntary annual external reporting on a wide range of social impact metrics. Beneficial State Bank's unusual ownership structure and powerful track record helped convince Albina's former board of directors that the merger was an ideal way to preserve their bank's mission and legacy while satisfying their regulatory requirements and keeping their five branches open.