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.
Unions are rare in financial services, but there are exceptions, including Amalgamated Bank in New York, which was founded by a labor union in 1923. The $870 million-asset Bank of Labor in Kansas City, Kansas, was founded by a labor union in 1924 and has been affiliated with the United Mine Workers of America since August 2011. A more recent example is Beneficial State Bank in Oakland, California, where employees voted to form a union in March 2020 after CWA representatives approached the $1.5 billion-asset bank’s executives about the possibility of forming a labor organization for staff. The bank agreed upon a finalized contract last September. “I think the biggest thing was that people [were] not being listened to and our experiences not taken into account on how to be treated,” said Michelle Hunt, a relationship banker at Beneficial. After signing, the bank instituted changes in its minimum wage, training, retirement programs and more. It also created a labor-management committee to give union members a forum for voicing concerns and suggesting changes.
For their fourth annual ranking of top impact companies, Real Leaders recognizes the rise in purpose-driven businesses by expanding their Real Leaders Impact Awards list to our biggest yet with 200 winners! Included are a diverse group of companies from around the world that prove that businesses can thrive and help build a better world. Included among the winners are CDBA members Beneficial State Bank and Sunrise Banks.
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.