Beneficial State Bank (formerly One PacificCoast Bank, FSB & OneCalifornia Bank), grew from the vision of Tom Steyer, Kat Taylor and the team they formed to create a triple bottom-line bank and a supportive nonprofit foundation of the same name.
In 2007, that vision was realized 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. The Foundation owns the majority of the economic rights of the Bank and all owners are non-profit organizations which collectively reinvest all distributed bank profits back into the communities we serve to promote thriving people, a prosperous economy for all, and a healthy planet. In our theory and experience, this ownership model aligns our incentives with the triple bottom-line and the values of our bank customers.
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, began operations in 1997 in Ilwaco, Washington, at the mouth of the Columbia River, and grew to establish offices in Portland and Seattle. 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 2013, Beneficial State Bancorp completed a stock purchase transaction of 90.1 percent of Albina Community Bank to provide critical capital for a legendary Portland institution, and in 2017, Beneficial State Bancorp purchased the remaining shares.
In July 2014, One PacificCoast Bank rebranded with the help of fellow Certified B Corporation, Free Range, to develop an identity that reflects our vision, mission and commitment to our triple bottom-line, rather than merely the geographical region we serve.
In June of 2016, Beneficial State Bank merged with Pan American Bank to serve communities in the Central Valley and Los Angeles markets of California.
As of February 1, 2018, Beneficial State Bank and Albina Community Bank have merged, resulting in a combined bank of $929 million in assets, over 250 colleagues, and 17 locations throughout California, Oregon, and Washington.
Beneficial State Bank, pursues economic justice and environmental sustainability by focusing on change-makers that need loan capital, such as:
Support Diverse and Distributed Ownership Businesses and nonprofits that are owned by people from under-served and historically oppressed groups can help build wealth and power for these individuals and communities
Mission-driven Ownership Structures Nonprofit organizations, worker-owned cooperatives, benefit corporations, Social Purpose corporations, and similar business models put people and planet before profit.
Mission-driven Core Products & Services Nonprofits and businesses whose core products or services are intended to improve the lives of people and communities and/or support environmental sustainability. We’ve articulated several key mission product and service sectors, as shown in the mission chart in this section.
Mission-driven Corporate Practices We seek borrowers that purposefully support people and planet through their corporate practices, such as the provision of living wages and benefits, well-being opportunities for staff, sustainability practices and policies, and community service programs. These practices are often recognized through certifications and labels such as B Corp, Green Business, JUST, LEED, and others.
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 our main business. Credit allows these beneficial activities to grow and scale. We also believe that a healthy environment is the only reliable foundation for economic prosperity. Finally, the Bank must be a catalyst for positive change in our communities by providing fair, transparent, and sustainable banking products and services as alternatives to more predatory practices that otherwise unwind the benefits of our lending practice.
Learn more at our virtual impact report: www.beneficialstate.org/impact.