Online Banking Login

Personal Online Banking Login

Seasoned banking veterans join Beneficial State Bank to expand community banking services and amplify mission impact

Press Release | May 11, 2017

Contact:
Doe Hatfield, Maxwell PR
503-231-3086 doe@maxwellpr.com

PORTLAND, Ore. – May 11, 2017 – Two experienced banking executives are joining the Beneficial State family to help expand small business banking, cash management services, and commercial banking at both Beneficial State Bank (Beneficial State) and Albina Community Bank (Albina). Mission-driven holding company Beneficial State Bancorp owns Beneficial State and is a majority shareholder of Albina; both are Certified B Corporations®.

Strengthening leadership at the banks helps integrate key community banking practices across both banks, applying best practices and developing capacity to expand services to mission-aligned small business and commercial customers. The banks plan to jointly hire an additional 8-10 employees in the coming months to support the expansion.

Grant Word is the new senior vice president, director of commercial services for Beneficial State. Word will build the bank’s capacity to serve a growing roster of commercial banking customers on the West Coast and expand the banks specialty practices in alternative energy, affordable housing, nonprofits and SBA lending sectors. Word brings a proven track record establishing and scaling commercial banks, previously launching commercial banking for JPMorgan Chase in Oregon and later Opus Bank in the Pacific Northwest region. He attended the University of Texas at Austin where he earned a bachelor’s degree in Finance and a Master of Business Administration.

Renee Newman is the new senior vice president, director of community banking and cash management for both Beneficial State and Albina. The new role focuses on implementing best practices from Albina’s community banking model throughout Beneficial State’s West Coast footprint as well as developing new services for small and mid-size business customers. Previously, Newman held leadership positions in retail, lending and wealth management at Umpqua Bank. She is a graduate of Oregon State University and the Pacific Coast Banking School.

“We’re humbled these two experienced and respected banking veterans chose to join the Beneficial State Family,” said Randell Leach, commercial banking president of both Beneficial State and Albina. “Grant and Renee are extremely successful business bankers and commercial lenders. They’ll be applying these talents to further strengthen our pursuit of social justice, environmental well-being and financial sustainability.”

# # #

About the Beneficial State Bank Family 

Beneficial State Bank is a state-chartered, deposit-taking, federally insured, for-profit banking organization headquartered in Oakland, Calif. Founded as a social enterprise bank in 2007, Beneficial State Bank has grown organically and through aligned acquisition to serve the three West Coast states. Beneficial State Bank holds to a triple bottom-line of social justice, environmental well-being and economic sustainability. One hundred percent of the economic interest of Beneficial State Bank is entirely owned by the nonprofit Beneficial State Foundation that is permanently governed in the public interest. This ownership has allowed the bank to prove and maintain an innovative model for banking that generates prosperity for people and the planet, avoids extractive practices, all while being financially safe and sound.  

Beneficial State Bank entered the Portland marketplace in 2010 with the acquisition of ShoreBank Pacific, a pioneer of environmentally sustainable banking serving both Washington and Oregon. In 2013 Beneficial State Bancorp completed a stock purchase transaction of 90 percent of Albina Community Bank to provide critical capital for a legendary Portland institution. In June of 2016, Beneficial State Bank acquired Pan American Bank to serve communities in the Central Valley and Los Angeles markets of California. Today the combination of Beneficial State Bank and Albina Community Bank have $856 million in assets, 225 colleagues, and 17 locations in California, Oregon, and Washington. Albina Community Bank and Beneficial State Bank are both certified B Corporations, with Beneficial State Bank ranking among the world’s top B Corps since becoming a certified B Corporation in 2012. For additional information, visit http://www.beneficialstate.com. FDIC Insured, Equal Housing Lender.