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New Accounts, New Products, New Core Deposits and a chance to win an iPad mini!

July 2013 | Quarterly CEO Letter by Kat Taylor


Dear Clients, Stakeholders and Supporters of Beneficial State,

We hope the summer is treating you well, with family, friends, community and the out of doors!  In the spirit of summer renewal, I wanted to highlight a number of refreshed products the bank is offering as well as encourage you to join our Core Deposit Campaign!



First, thank you for your patience as OPCB launched a stream-lined set of transaction and deposit products over the last couple of months.  You can see a summary of the product set on our website. We have redesigned the offerings to try to capture more cost and landfill savings at the bank level that allow us to sustainably reduce your costs of doing business and all our ecological footprints.  Of course, these savings require that you choose the product features that produce those savings in the first place and we hope you will take a look at our blog post that gives some guidance about how to optimize your choices.  We also hope you will give us your feedback about the bank's new products as well as your level of customer satisfaction by taking this survey.  Everyone who replies to the survey will have the chance to win a mini iPad, and our deep appreciation for your further engagement.  For more information about our new account and mobile features, check out "Tips on New Account Choices" blog post by our Deposit Manager, Laurie Landeros.



Core Deposits -- Money Market Accounts, NOW Accounts and Savings Accounts -- are really important to our bank because they provide the reliable liquidity we need to make our loans.  And those loans -- to businesses, non-profits, and other transformative actors -- are the heart of our theory of change.  Not only do they enable innovative ways to provide goods and services, they produce jobs, income and the chance to build wealth, especially in low-income communities.  Our latest mission report shows that 73% of our outstanding loan dollars currently are mission impactful (and we try very hard to make sure the other 27% are not contra mission.) In addition, Core Deposits, by virtue of being lower cost and having an overall longer relationship with the customer, reduce our costs of doing business and create greater resiliency.  Core Deposits are one of the greatest gifts you can give Beneficial Banking


Happily, OPCB is seeking to build its Core Deposits because after much hard work, our loan book is growing beyond our deposit base!  We have other sources of deposits but our favorite is Core Deposits.  You probably know that rates are at rock bottom for deposits in banks.  Ours are no different.  But that also means the rate difference between leaving your money in a Money Market Account, where you can still make up to six transfers and withdrawals or a combination of both per calendar month or statement cycle, and putting it into a time deposit like a CD or the program CDARs, is at an all time low.  You can also open up a Money Market Account without transferring your main transactional and bill pay accounts, earn a little interest and with Money Market Accounts also provide the standard FDIC insurance up to $250,000.*   


We thank those of you who bank with us already and invite you to spread the word about us to your friends and family, and for those of you who do not, and are considering a community bank, we would be excited to have you join our Beneficial Banking family. Please see our website for basic product information, review our blog for product and feature tips our very experienced Deposit Manager, Laurie Landeros, already mentioned and if you are interested in opening an account online, feel free to contact Kymberly Frances who handles all online account applications.  You need not come into a branch to open an account though we are always happy to see you!  


P.S. Don't forget to take our quick customer survey for your chance to win an iPad mini. And check out the profile about one of our amazing co-op clients, Arizmendi Bakery.


Thanks and enjoy the rest of your summer!




Kat Taylor
CEO and Co-Founder of Beneficial State Bank


*The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC's creation in 1933, no depositor has ever lost even one penny of FDIC-insured deposits.

The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all FDIC requirements are met.


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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