Beneficial State Bank Launches Impact Website
In a long-term commitment to transparency, Beneficial State Bank and Foundation launch an Impact Department and in-depth website to prove a bank can successfully maintain a triple bottom line.
FOR IMMEDIATE RELEASE
Contact: Andrea Walker
Creative Media Evangelista | Beneficial State Bank
email@example.com | 510-846-1119
Oakland, CA (January 25, 2016) - Beneficial State Bank and Foundation believe that banks should nourish their communities, not extract from them. That doing the right thing is not only imperative, it's contagious. And that together, everyone can create a new banking system. To that end, Beneficial State recently created a new position, Chief Impact Officer, and hired Erin Kilmer Neel to lead the Impact Department. This department and newly launched website helps to foster an ecosystem for Beneficial Banking that includes collaborating with other banks, engaging with community members, informing and assisting businesses, and cultivating a new sustainable economy.
“We at Beneficial State Bank and Foundation live to empower and reveal the remarkable work of our heroes -- our borrowers, depositors, and communities -- and today marks a step toward that goal,” said Kat Taylor, Beneficial State Bank Co-CEO and Co-founder. “The launch of the Impact Website collects in one location reporting on our lending, the outcomes of that lending, our corporate practices, and our commitments toward a New Economy. We are honored to help bank customers co-create that New Economy as best we can -- an economy that is fully inclusive, racially and gender just, and environmentally restorative. Of course we can always do better in measurement but onward into ever better, data-driven metrics we go!”
“Beneficial State believes that it's not good enough to do good. We also must do our best to avoid the bad. If a bank helps build 500 affordable houses while supporting hydraulic fracturing (“fracking”) that pollutes the wells near these homes, it will have unraveled the good that's been done,” remarked Salvador Menjivar, Executive Director of Beneficial State Foundation. “Banks must be just as committed to avoiding harm as they are to supporting good.” As a commercial bank, lending is the primary way Beneficial State makes the change we all want to see in the world. The bank strives to ensure that 75% or more of its loan dollars are supporting a more socially just and environmentally sustainable world, and that none of its loans are counter to this mission.
“Beneficial State Bank is demonstrating their commitment to better banking by sharing what can be accomplished when depositors and borrowers start Banking on Values. Whether you call it ethical, regenerative, just, caused-based or sustainable banking this is #BankingOnValues, and it proves that you can make good money by putting money to good. We are proud that Beneficial State Bank is a member of the Global Alliance for Banking on Values,” said Dr. Marcos Eguiguren, Executive Director, of the Global Alliance for Banking on Values.
Beneficial State's commitment to transparency and vigorous measurement is a key step in changing the banking system for good. With this site, the bank shares how their depositors’ money and shared beliefs are translating into actions and outcomes in their communities, and hopes that it can serve as model for other financial institutions. “Beneficial State Bank is always bold, creative and impactful – which makes them a true leader in mission based banking. Their commitment to a triple bottom line – people, prosperity and planet – is evident in all they do. I commend Beneficial for their work to promote economic prosperity for unserved communities,” said Jeannine Jacokes, Community Development Bankers Association, Chief Executive and Senior Policy Advisor.
On the site, you can find Beneficial State Bank’s beliefs, approaches, data, and what this data means in context. Key sections include Vision, Ownership, Lending, Consumer Products and Services, their Corporate Practices, Movement Building and more.
Learn more at beneficialstate.org/impact.
About Beneficial State Bank
Beneficial State Bank is an FDIC-insured Community Development Financial Institution (CDFI) and certified B Corporation that serves businesses, nonprofits, and individuals. Beneficial State answers to a triple bottom-line measuring its financial, social, and environmental impact to meet the needs of its communities. Beneficial State has a unique ownership structure-- its profits can only be distributed to Beneficial State Foundation to support our communities and the environment. The bank is headquartered in Oakland, California with branches in Seattle, Washington, Portland, Oregon and loan production offices in Sacramento and Santa Rosa, California. For more information, visit www.beneficialstate.com.