Beneficial State Bancorp Signs Stock
|Kat Taylor, Chairperson/CEO
Beneficial State Bancorp
Beneficial State Bank
Creative Media Evangelista
Beneficial State Bank
Oakland, CA (January 30, 2013) – Beneficial State Bancorp, parent of Beneficial State, a triple bottom-line bank, announced today that it has entered into an investment agreement with Albina Community Bank of Portland, Oregon. Subject to regulatory approval, the agreement to purchase stock in Albina Community Bank (ACB) will make Beneficial State Bancorp the majority owner of Albina Community Bank. The transaction is structured to raise sufficient capital to bring Albina’s regulatory capital ratios to the level required by its regulators.
Beneficial State Bancorp is headquartered in Oakland, California and its subsidiary, Beneficial State Bank, is certified as a Community Development Financial Institution, as is Albina Community Bank. Beneficial State has branches in Oakland, CA, Portland, OR, Seattle, WA, Ilwaco, WA, and an office in Sacramento, CA. Beneficial State is a mission-driven bank with a commitment, similar to Albina's, to local community banking, dedicated to producing social justice and environmental well-being, at the same time that it is financially sustainable. “Beneficial State's similar mission and focus make this a perfect partnership,” stated Cheryl L. Cebula, President and CEO of Albina.
Since 2009, Albina has struggled with low capital levels as a result of the economic downturn. The bank has been working to improve its financial condition, and this recapitalization will further strengthen the bank and better position it for future growth and continued support and investment in its local communities. “Supporting our local communities is nothing new for our bank. Community is our middle name,” said Cebula. “We have been investing in individuals, families, businesses and local neighborhoods every day for the last 17 years, and this investment will ensure we can continue to do that in the future.”
OPCB has had operations in Portland since 2010 when it merged with Shorebank Pacific, a subsidiary of the former great mission bank, Shorebank of Chicago. Beneficial State feels a deep stake in supporting the whole community development banking sector of which is it a proud member. As primarily a commercial lender, Beneficial State sees in the Albina stock purchase great promise for complimentary service to neighborhoods of predominantly low-to-moderate income residents. “We are pleased to enable the recapitalization of Albina Community Bank because it means their mission and community focus will live on," stated Kat Taylor, Co-Founder and CEO of Beneficial State Bank and boardmember of Beneficial State Bancorp. “Albina Community Bank represents a strong partner for with a similar mission and commitment to the communities it serves.”
Beneficial State Bancorp intends to operate Albina as a separate, independent financial institution. Existing management and staff will remain in place following the investment, and customers of Albina should not expect to see any changes to their banking relationship. The investment transaction, subject to regulatory approval, is expected to close in the second quarter. Customers and staff of OPCB will likewise experience no change in relationship, service or operations.
Beneficial State Bank (formerly One PacificCoast Bank, FSB), grew from the vision of Tom Steyer and Kat Taylor and the team they formed to create a triple bottom-line bank and a supportive nonprofit foundation of the same name. In 2007, that vision was realized when One PacificCoast Bank and One PacificCoast Foundation opened in Oakland. In this unique model, Beneficial State 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 we serve and the environment on which we all depend. This ownership model aligns the Bank's incentives with the triple bottom-line and the values of bank customers, partners, and stakeholders. For more information, please visit www.beneficialstate.com.
Albina Community Bank is a local, full-service, independent commercial bank established in Portland in 1995 and committed to investing in individuals, families, businesses and local neighborhoods. Albina offers a wide range of competitive banking solutions, with a mission to promote jobs, growth of small businesses, and wealth in its local Portland neighborhoods. Albina operates from five local Portland locations. For more information about Albina Community Bank, visit http://www.albinabank.com.
Beneficial State and Albina are two of approximately 60 commercial banks across the United States certified by the U.S. Treasury Department’s Community Development Financial Institutions Fund as a Community Development Financial Institution (CDFI). Beneficial State is one of just a few CDFIs headquartered in California and Albina is the only CDFI-certified commercial bank headquartered in Oregon.
About Beneficial State Bank
Founded in 2007 by Tom Steyer and Kat Taylor, Beneficial State Bank is a FDIC-insured, Certified Development Financial Institution (CDFI) and SBA Preferred Lender headquartered in Oakland, CA. In addition to banking services for individuals, businesses and nonprofits, Beneficial State Bank works with the Beneficial State Foundation to increase financial education, affordable housing and environmental conservation in the low and moderate income communities it serves. Beneficial State Bank operates from a triple-bottom-line perspective, measuring financial as well as social and environmental outcomes. The Bank also has branches in Portland, OR, Seattle, WA, and Ilwaco, WA. For additional information, please visit www.beneficialstate.com.
About Albina Community BancorpAlbina Community Bancorp was established in 1995 as a bank holding company headquartered in Portland, Oregon. Albina Community Bank, its first subsidiary, is a full-service independent commercial bank that provides a full range of banking products and services, while maintaining the bank’s mission to promote jobs, growth of small businesses, and wealth in our local Portland neighborhoods. One of just 61 commercial banks across the country certified by the U.S. Treasury Department as a community development financial institution, Albina is the only CDFI in the Pacific Northwest founded to create hope and financial opportunity. Albina Community Bank is locally owned, and operated out of five local Portland locations including offices at: 2002 NE Martin Luther King Jr. Boulevard; 8040 N. Lombard in the St. John’s neighborhood; 4020 NE Fremont in the Beaumont neighborhood; 5636 NE Sandy Boulevard in the Rose City Park neighborhood of the International District; and 430 NW 10th Avenue in Portland’s Pearl District. For more information about Albina Community Bank, please call 503-288-7281 or visit www.albinabank.com.
Download a PDF of the Press Release January 30, 2013
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