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Beneficial Banking

 

2013 Beneficial Banking Report - here

2012 Beneficial Banking Report - here

 



Beneficial State Bank's founding team shared a vision to start a bank that finances community-based businesses, builds the long-term prosperity of responsible consumers and supports companies that have a commitment to the environment.

Typically, mainstream banks work with big businesses that offer conventional products with relatively low risk -- but often in a way that bars new, more sustainable ways of meeting our needs, like sustainable agriculture or clean energy. If we want to build our local community economies, then the underserved sectors must become the primary focus of our bank and other organizations committed to local living economies.

Related to evolving our means of production, our bank also must create fair and transparent access to financial services to build financial literacy and economic prosperity for all. Those who live and work in local living economies need safe ways to conduct transactions and save money, as well as living wage jobs for reliable prosperity.  Our vision is of a banking industry that is fair to the person with the least bargaining power and provides access to financial services for all our communities.

When the bank was created, the founding team donated all the economic shares to the Beneficial State Foundation. That means the Foundation owns all of the economic rights of the Bank -- when profits of the Bank are distributed, they can only be distributed to the Foundation which is mandated to reinvest those proceeds back into the communities and the environment on which we all depend. In our theory and experience, this ownership model aligns our incentives with the triple bottom line and the values of our bank customers.

We sum up this philosophy in the phrase “Beneficial Banking.” Beneficial State offers a full line of traditional banking services, but with a distinct focus on the traditionally underserved: low-income communities, sustainable businesses and job creation. And we look for ways to help non-profit organizations and businesses that typically find conventional financing out-of-reach, such as specialty agriculture, renewable energy, green building and low-income housing.

 


 

 

 

Our Philosophy

Beneficial-Banking-Directional-Street-Sign-One-PacificCoast-BankOur profits, when distributed, can only be distributed to our Foundation to support our community and environment. We believe this innovative structure will allow us to achieve our vision of Beneficial Banking.

Our Customers

Customer-Ecologic-Bottle-One-PacificCoast-BankWe strive to provide capital to businesses & nonprofits that produce meaningful social justice and environmental outcomes. Learn more about our customers here!

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