About Us

Kat Taylor and Tom Steyer
Kat Taylor and Tom Steyer, Co-Founders of Beneficial State Bank and Beneficial State Foundation.

Our Story

For too long, banks have enabled the concentration of wealth and power by investing in and lending to exploitive industries, prioritizing profit over all else. Beneficial State Bank was founded to demonstrate that there is a more viable, equitable, and sustainable model for banking.

In 2007, Co-Founders Kat Taylor and Tom Steyer set out to design a new kind of community bank – one that would equally prioritize people, the planet, and long-term financial sustainability (a triple bottom line approach). Kat and Tom generously donated the capital for the Bank to Beneficial State Foundation, a nonprofit organization, which is now the majority owner of the Bank’s capital. This unique ownership structure ensures that Beneficial State Bank is owned and permanently governed in the public interest.

As of 2023, Beneficial State Bank is a $1.7 billion asset state-chartered, federally insured bank with branches in California, Oregon, and Washington.

Wildflower bloom at Diamond Valley Lake, California

A Bank Built for People and Planet

We believe that banks should nourish our communities, not extract from them, so we design our products and services to optimize positive social and environmental outcomes. As a Community Development Financial Institution (CDFI), we focus on uplifting low-to-moderate (LMI) populations and communities and ensure that at least 60% of our lending goes towards these communities.

Just as important are the activities we avoid. Our commitments include no predatory lending, and no investments or lending to fossil fuel, private prisons, or weapons manufacturing industries. We consider these and other extractive lending investments to be “contra mission.”

In 2022, 79% of our total lending portfolio supported sectors that positively impact our communities and the planet, and the remaining 21% aligned with our aspiration to “do no harm.”

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Walking the Talk

By leveraging third-party certifications and benchmarking models, we ensure our positive impact is significant, meaningful, and measurable. We are proud to be a certified B Corp, Global Alliance for Banking on Values member, Fossil Free Certified, and a Certified Community Development Financial Institution (CDFI). We report our impact annually to demonstrate that we walk our talk and ensure we meet the highest banking and business standards.

Together, we can create a new banking system that is inclusive, racially- and gender-just, and environmentally regenerative.

Learn More About Beneficial State Bank

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Vision & Mission

Our vision and mission guide every aspect of our work, and help us advance toward a common goal.

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Careers

We're looking for team members who share our passion for community, equity, inclusion, and the environment.

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Leadership Team

Our leaders have diverse backgrounds and deep expertise in industries such as finance, nonprofits, start-ups, law, and banking.

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Beneficial State Foundation

Beneficial State Foundation, a nonprofit organization governed in the public interest, is the majority owner of the economic interest of Beneficial State Bank.

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Better Banking Blog

In the Better Banking Blog, we explore what a Beneficial Banking™ system looks like and how it can serve all of us.

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Frequently Asked Questions

Help finding your account and routing number, managing your debit or credit card, making a payment on a loan, and much more.

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Contact Us

We're here to help. You can connect with our team via secure message, phone, email, video banking, or by visiting a branch.

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Corporate Presentation

Learn about our mission, our internal practices, and how our values align with our bottom line.

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Sponsorships

We provide sponsorships to nonprofits in California, Oregon, and Washington that are engaged in social justice and environmental work.

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Take action with your deposits.

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Banks are powerful, but so are you. When pooled together, our deposits can finance affordable housing, renewable energy, and business cooperatives – a new, inclusive economy. Whether you are an individual or an organization, where you put your money matters.