Beneficial State Bank’s mission is to produce social justice and environmental well-being at the same time as being economically sustainable.
A banking industry that is fair to the person with the least bargaining power; Provides access to financial services for all our communities, particularly the traditionally underserved; Results in the long-term prosperity of responsible consumers; Promotes financial system stability; and Contributes to the sustainability of the environmental commons. Beneficial State Bank calls this vision ‘beneficial banking’.
Theory of Change
Beneficial State Bank is a triple bottom-line financial institution that believes money should serve people, not the other way around. The bank institutionalised its values of trust, justice and empowerment by giving 100% of the economic rights of the bank to its foundation, which is governed in the public interest and can only reinvest bank profits, when distributed, back into robust community living and the environment that sustains us all. Beneficial State Bank believes that a far better world isn’t only possible, it’s being built right now by inspired people everywhere. So the bank is building a better future with its customers by building a better banking system: Beneficial Banking.
Beneficial State Bank offers customers a new kind of bank and the tools they need to build something beautiful. The bank’s commercial loans, transactional services and financial assistance are made to serve those who are creating a better world. The future the bank is creating together will strengthen local communities, improve quality of life, and be reflected in widespread gains in social equity and environmental renewal. The bank’s ultimate goal is nothing short of changing the banking system by migrating deposit, equity and human capital to a better, beneficial bank model.
Beneficial State Bank (formerly One PacificCoast Bank, FSB & OneCalifornia Bank), grew from the vision of Tom Steyer and Kat Taylor and the team they formed to create a triple bottom-line bank and a supportive non-profit foundation of the same name. In 2007, that vision was realised when OneCalifornia Bank and OneCalifornia Foundation opened in Oakland. Fashioned in the image of the great socially responsible banks and credit unions of national and international fame, the Bank is mandated to produce meaningful social justice and environmental benefits at the same time that it is financially sustainable.
In December 2010, OneCalifornia bank acquired ShoreBank Pacific and changed its name to One PacificCoast Bank. 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, serves both Washington and Oregon. Joining forces with OneCalifornia Bank produced an enlarged footprint covering a bio-regional territory some call the Salmon Nation and united the forces of social justice and ecological banking.
In October 2013, One PacificCoast 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 over 17 years, into the bank’s family.
In July 2014, One PacificCoast Bank rebranded to develop an identity that reflects the bank’s vision, mission and commitment to our triple bottom-line, rather than merely the geographical region served – Beneficial State Bank.
Beneficial State Bank has a unique ownership structure. The economic rights of Beneficial State Bank are owned by 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 communities and the environment on which we all depend. This ownership model aligns the bank’s incentives with the triple bottom line and the values of the bank’s customers.
Providing credit to constructive businesses and non-profits — especially those boosting entrepreneurial activity in inner cities, following and strengthening wellness models, or reconnecting vital rural/urban dependencies — is the bank’s main business. Credit allows these beneficial activities to grow and scale. Beneficial State Bank also believes that a healthy environment is the only reliable foundation for economic prosperity. Finally, the bank must be a catalyst for positive change in its communities by providing fair, transparent, and sustainable banking products and services as alternatives to more predatory practices that otherwise unwind the benefits of lending practices.
In addition to the bank’s commercial lending, Beneficial State Bank provides robust deposit services to its communities and transparent products such as values-aligned affinity credit cards, alternatives to predatory small-dollar loans, and incentivised savings programs. These services help individuals and families to build assets and to meet goals such as higher education, or the purchase of a home, automobile or business.