Beneficial State Bank

Certified Date: Jan 01,1970
Name:

Beneficial State Bank

Address:

3401 Pacheco Rd, Suite A

City:

Bakersfield

State:

CA

Telephone:

(661) 323-2707

Category:
Description:

Beneficial State Bank’s founding team shared a vision to start a bank that finances community-based businesses, builds the long-term prosperity of responsible consumers and supports companies that have a commitment to the environment.

Beneficial State Bank is a social enterprise bank founded in 2007 with a triple-bottom-line focus of social justice, environmental resilience, and economic sustainability. Beneficial State is a state-chartered, federally regulated, for-profit banking organization whose economic interest is owned entirely by a non-profit foundation of the same name. Beneficial State is mandated to produce meaningful social justice and environmental benefits in an economically sustainable manner. In December 2010, it acquired ShoreBank Pacific. The merger greatly expanded the Bank’s reach on the West Coast and enhanced its capacity to serve its mission. ShoreBank Pacific, a pioneer of environmentally sustainable banking, served both Washington and Oregon. The joint forces produced an enlarged footprint covering a bio-regional territory some call the Salmon Nation and united the synergies of social justice and ecological banking. A few years later in October 2013, Beneficial State Bancorp completed a stock purchase transaction of 90% of Albina Community Bank, bringing a Portland-based community bank that has been investing in individuals, families, businesses, and local neighborhoods for over 20 years, into their family. In June of 2016, Beneficial State Bank acquired Pan American Bank. The combined 12-branch network now serves the California communities of Oakland, Santa Rosa, Sacramento, Los Angeles, Bakersfield, Fresno, Porterville, Visalia, Modesto and additionally Portland, Oregon, and Seattle, Washington.

 

Beneficial State, a community development financial institution, has been a certified B Corporation since 2013 and has been honored as Best for the World, a designation reserved for the top 10% of all B Corps based on environmental, community and worker impact. Overall, Beneficial State is the #3 B Corp worldwide on the B Corp impact assessment. For additional information, visit http://www.beneficialstate.com.

 

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