Virginia Community Capital Counts on New Charter to Attract 'Impact Investors'
Virginia Community Capital has acquired benefit-corporation status, enabling the bank to write a social mission into its corporate charter. While B-Corporations are still required to pursue profitability, their management and directors must also weigh societal benefits along with shareholder value in evaluating performance. B Lab, the main advocates of the movement, also offer their own certification to corporations independent of state status. Currently, B Lab has certified just four banks: Virginia Community Capital, Sunrise Banks in St. Paul, Minn., Beneficial State Bank in Oakland, Calif., and New Resource Bank in San Francisco. "It's a way for companies to distinguish themselves and demonstrate that they have a mission as well as a margin," said Jeannine Jacokes, CDBA chief executive.