For too long, the banking industry has prioritized profit over people and the planet. From the climate crisis to social inequities, we’ve been seeing the consequences of this unfold for decades. It’s time to flip the script.
Beneficial State Bank was founded with the intention of proving that banking can and should be a force for good. While some banks have philanthropic arms, we have a philanthropic heart. As a triple bottom line bank, Beneficial State Bank’s priorities differ from most traditional businesses. Rather than serving the single bottom line of profit, we equally prioritize the three goals of serving our communities (people), supporting positive environmental outcomes (planet), and achieving long-term financial sustainability (prosperity). Our charter also provides for an ownership structure that ensures that these priorities endure over time. Beneficial State Bank can only be owned by nonprofit entities governed in the public interest. As the primary equity owner of the bank, Beneficial State Foundation helps us prioritize and serve our stakeholders — our customers, our colleagues, the communities we touch, the earth upon which we all depend, and our nonprofit equity shareholders.
Operating in California, Oregon, and Washington, Beneficial State Bank is Fossil-Free Certified, a proud member of the Global Alliance for Banking on Values, and a Community Development Financial Institution (CDFI). We are also one of the world’s top-rated B Corps, recognized as a “Best for the World” company since 2013.
We evaluate the mission alignment of every client we serve and strive to ensure that at least 75% of our loans and loan dollars go to highly aligned, impactful organizations and businesses. Just as important are the lending and deposit activities we avoid, which include investments in businesses in fossil fuel, private prison, payday lending, and weapons manufacturing industries. We consider these and other extractive or divisive lending investments to be “contra-mission.”
Since we opened our doors in 2007, we’ve been striving to extend benefit to all while endeavoring to inflict harm to none. We believe that banks and communities can come together in coalition to invest in people, heal the planet, and restore justice while remaining financially resilient. We continue to share our learnings so we can all grow and succeed together.
Corporate Sustainability Reports:
You can find our impact reports on the Beneficial State Bank website.