Beneficial State Bank hires first Chief Impact Officer to measure and enhance its environmental and social impact
Jan 29, 2024
Terra Neilson joins Beneficial State Bank in this new role, which will focus on developing, evaluating, and reporting on the bank’s social and environmental outcomes.
Jan 29 2024, Oakland, Calif. – Beneficial State Bank, a mission-driven community bank serving California, Oregon, and Washington, has hired Terra Neilson as its new Chief Impact Officer (CIO). In this pivotal role, Neilson will help advance the bank's commitments to local communities, environmental sustainability, and inclusive, equitable practices.
"Since our founding, Beneficial State Bank has pursued a triple bottom line of people, planet, and prosperity for all," said Randell Leach, CEO of Beneficial State Bank. "This isn’t aspirational — it’s the foundation of our business model. With the support and guidance of the Beneficial State Foundation, which originally housed the Chief Impact Officer role, we are further aligning our leadership structure with our impact goals. The foundation has been instrumental in this process, and now, we're formalizing the Chief Impact Officer position within our own executive team. I’m so pleased to welcome Terra Neilson on board as our first-ever Chief Impact Officer — a key role that will help us strategize, measure, and improve the bank’s impact and demonstrate the power of Beneficial Banking™."
Amid growing political criticism of environmental, social, and governance (ESG) investing, the creation of this new Chief Impact Officer role reflects the bank’s commitment to not only maintaining but setting the bar for the highest quality standards of impact measurement and management in the industry. As CIO, Neilson will report directly to the CEO and work closely with management and the board to assess and comply with third-party standards, such as B Corp and JUST certification. She will also establish strategy and best practices to measure and optimize the bank’s triple bottom line impact.
I am thrilled to join the Beneficial State Bank team and eager to work towards the vision economy that restores our planet and extends prosperity to all. I believe the financial sector can be a force for good, and I look forward to collaborating with the team to grow a model of banking that is financially sustainable and positively impacts our communities and the planet.
Neilson joins Beneficial State Bank after a notable tenure at U.S. Bank, where she developed the bank's first Impact Measurement and Management team. This team played a pivotal role in structuring impact strategies, evaluating outcomes, and leading research initiatives in renewable energy, affordable housing, and community investments. Neilson also spearheaded the development of U.S. Bank's inaugural USBCDE racial equity impact strategy, successfully recruiting an influential advisory board and securing over $200 million in federal tax credits.
Beneficial State Bank (Beneficial State) is a state-chartered, federally insured bank with branches in California, Oregon, and Washington. Beneficial State serves the triple bottom line of people, planet, and prosperity for all, which involves serving its communities, supporting positive environmental outcomes, and achieving long-term financial sustainability. A unique ownership structure supports these strategic priorities: the bank’s capital is majority-owned by the nonprofit Beneficial State Foundation. This means its economic rights are fully aligned with, and permanently governed in, the public interest.
Beneficial State Bank is a founding signatory of the UN’s Principles for Responsible Banking, a member of the Global Alliance for Banking on Values, a Community Development Financial Institution (CDFI), Fossil Free Certified, and one of the world’s top-rated Certified B Corporations.
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