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.
Five witnesses testified to the U.S. House Committee on Financial Services' Subcommittee on on Consumer Protection and Financial Institutions in a hearing entitled "The Future of Banking: How Consolidation, Nonbank Competition, and Technology are Reshaping the Banking System." Among the witnesses was Desiree Jackson, Assistant Vice President for Treasury Management at Beneficial State Bank. Click "read more" to read the committee memorandum and watch a recording of the hearing.
Every year, B Lab recognizes the top-performing B Corps creating the greatest impact through their businesses. These B Corps are named Best for the World as their verified scores in the five impact areas evaluated on the B Impact Assessment (BIA)—community, customers, environment, governance, and workers—are amongst the global top 5% in their corresponding size group. These businesses are proving that competing not only to be the best in the world, but the best for the world, is a winning strategy, and they can lead the way as more businesses continue to join the movement that is transforming the global economy to benefit all people, communities, and the planet. This year, Beneficial State Bank, City First Bank, Spring Bank, Sunrise Banks, and Virginia Community Capital were among the banks named Best for the World.
Large U.S. banks have had diversity officers and teams in place for years, according to Naomi Mercer, SVP diversity, equity and inclusion at ABA. But Floyd's death and the events that unfolded after have created "more of an empathy shock" for many bankers, who might not have realized how deep racial disparities are. As a result, more community and regional banks have been adding diversity officer positions, often housed within human resources, to help support the bank in broadening their employee base to reflect the full communities they serve. Increasingly, established banks are not only embracing social justice interests, but they are being launched with that as a foundation to their mission. Case in point: Beneficial State Bank was founded in Oakland, California, in 2008 with the express undertaking of investing in under-served communities, according to Francis Janes, industry relations and partnership director for the Beneficial State Bank’s foundation.