Member FDIC. Equal Housing Lender.
About Us
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.
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.”
Our Certifications
What is Beneficial Banking™?
We go beyond what is considered “ethical banking.” Since our inception, Beneficial State Bank has believed that banking can and should regenerate and restore our communities and our planet. Beyond avoiding the bad, we actively work to help solve society’s greatest challenges.
Beneficial Banking™ meets four foundational criteria:
Stakeholder Capitalism
We practice stakeholder capitalism. Unlike traditional shareholder capitalism, which prioritizes profit above all else, stakeholder capitalism considers the potential impacts on all stakeholders, including clients, employees, our communities, and the planet. This is also called a “triple bottom line” approach.
High Impact Lending Practice
We follow a disciplined lending and investment practice. We strive for at least 75% of our lending to go towards supporting people and the planet. The remainder of our lending avoids harmful industries. We report these outcomes in our annual Impact Report.
Transparency & Accountability
We raise the bar for transparency and accountability. Through 3rd party certifications and memberships, we seek to operate as responsibly and impactfully as possible. These include B Corp certification, CDFI certification, Fossil-Free certification, and GABV membership.
Equitable Banking Services & Solutions
We provide equitable and inclusive access to banking and deliver services and solutions that leave those who engage with us better off than they were before.
Choose a Bank that Invests in Tomorrow
Beneficial State Bank serves the triple-bottom-line of people, planet, and prosperity for all. That means prioritizing social justice and environmental sustainability. Change your bank and help change the world.
Learn More About Beneficial State Bank
Vision & Mission
Our vision and mission guide every aspect of our work, and help us advance toward a common goal.
Careers
We're looking for team members who share our passion for community, equity, inclusion, and the environment.
Leadership Team
Our leaders have diverse backgrounds and deep expertise in industries such as finance, nonprofits, start-ups, law, and banking.
Beneficial State Foundation
Beneficial State Bank's founding investor is Beneficial State Foundation, a nonprofit working to advance financial justice.
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.
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.
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.
Our Story Presentation
Learn about our mission, our internal practices, and how our values align with our bottom line.
Sponsorships
We provide sponsorships to nonprofits in California, Oregon, and Washington that are engaged in social justice and environmental work.
Take action with your deposits.
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.