Jul 14, 2021 | News
Beneficial State Bank Recognized as a ‘Best for the World’ B Corp for its Sustainable Business Practices
Beneficial State Bank, a mission-driven community bank and certified B Corp serving Oregon, Washington, and California, was recognized every year since 2013 for being among the top-ranked for-profit companies that meet the highest standards of social and environmental performance, accountability, and transparency worldwide
July 14, 2021, Oakland, Calif. – Beneficial State Bank has been named a Best for the World Certified B Corporation by B Lab, the global nonprofit network that certifies B Corps. Beneficial State has been recognized for being among the top 5% of B Corps in its size group worldwide based on its environmental and community impact.
Beneficial State Bank achieved a top 5% score in the Customers, Community, and Governance categories of the B Impact Assessment. A top score in the Customers area means that Beneficial State Bank is setting the standard for customer service, which it does through its high quality banking services that allow customers to support their local communities. Meanwhile, the Community category recognizes companies for their efforts around charitable giving, investment in diversity, and educational opportunities. Finally, the company received its top score in the Governance area for its overall mission, ethics, accountability, and transparency.
As a federally certified Community Development Financial Institution (CDFI), Beneficial State Bank provides under-resourced communities fair and transparent financing and banking services. At least 75% of Beneficial State Bank’s loan dollars go toward funding its mission categories, including affordable housing, renewable energy, and sustainability. Beneficial State Bank does not lend to industries antithetical to its mission, such as fossil fuels, private prisons, weapons manufacturing, or fracking.
“It’s an honor to once again be acknowledged as one of the highest-rated B Corporations in the world. Beneficial State Bank was founded to promote a new way of banking: one that invests in social justice, financial equity, and environmental well-being while remaining financially sustainable. It’s more important than ever that we continue this mission-driven work, as the pandemic not only highlighted the need to address inequity, but also revealed a demand for values-led businesses,” said Randell Leach, CEO of Beneficial State Bank.
All B Corps meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. There are currently over 4,000 B Corps present in 77 countries and 153 industries, unified by the goal of transforming the global economy to benefit people and the planet.
“We share in B Lab’s commitment to an economic system that benefits all people, communities, and the planet,” said Leach. “To this end, Beneficial State Bank ended 2020 with a total of $971 million in mission loan commitments. As a result, we’ve supported over 10,000 total affordable housing units and produced over 645 million kWh of clean energy. We strive to continue having a positive impact on the communities we serve, setting an example for all banks to follow.”
More than 800 B Corps from more than 50 countries were named to the 2021 Best for the World lists. Using the B Impact Assessment, B Lab evaluates how a company’s operations and business model impact its workers, community, environment, and customers. The full list of Best For The World B Corps is available on https://bcorporation.net.
About Beneficial State Bank
Beneficial State Bank (Beneficial State) is a state-chartered, federally insured, and for-profit bank. Its economic rights are majority-owned by the nonprofit, Beneficial State Foundation, which is in turn permanently governed in the public interest. That ownership allows the bank to prove and maintain an innovative model for banking that generates benefit for people and the planet while being financially safe and sound. Beneficial State is both a Community Development Financial Institution (CDFI) as designated by the US Treasury and one of the world’s top Certified B Corporations since it was awarded B Corp status in 2012. For additional information, visit http://www.beneficialstate.com. Member FDIC Insured, Equal Housing Lender.
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