A decade of Beneficial Banking
As we release our 10 year impact report, highlighting our collective work throughout California, Oregon and Washington from 2007 to 2017, we are excited to share that mid-2018 we reached $1 billion in assets!
Welcome to Beneficial State Bank’s 2017 Impact Report. For ten years, we have provided fair and transparent banking services to help people and organizations align their money with their values. We are pleased to provide detailed information on our ownership and profit-sharing, our lending practices, our products and services, and our corporate practices and principles. Whether used to scrutinize how well we are aligned with your values or to benchmark other financial institutions for the same, we offer the data as transparently as we possibly can and welcome your feedback.
In our view, the banking system is quasi-public because it depends upon your deposits, relies on FDIC insurance (which is ultimately backed by American taxpayers), and drives societal, not just economic, outcomes. Therefore, we must align our ownership, lending practice, and corporate practices in the public interest. We designed a triple-bottom-line bank that produces social justice and environmental wellbeing, while demonstrating financial sustainability, to chart the course toward a better banking system.
Our ownership: We are doing business in a new way to ensure profits are distributed to our communities, instead of aggregating in the hands of the few. All of the economic rights of Beneficial State Bank are owned by a nonprofit, Beneficial State Foundation, whose bylaws mandate that profits the foundation receives as dividends must be reinvested into the under-resourced communities we serve and the environment upon which we all depend.
Our approach and outcomes of our lending: Beneficial State Bank is focused on ensuring that our lending practice and the outcomes it produces are conscious, measured, and broadcast to our stakeholders. Loans should not undermine our triple bottom line and ideally they produce benefit to all and harm to none. Seventy-five per cent or more of our loan dollars support a new economy that is fully inclusive, racially- and gender-just, and environmentally restorative.
Our corporate practices and principles: A changemaking bank like Beneficial State must lead by example in its radical transparency. In fact, we advocate for all banks to let us know how they treat employees, the extent of their environmental footprint, and what they are willing to stand up for in broader society. This alignment is to make sure you can bank with your values, reclaim your agency and accountability over your money, and be part of a larger collective building something beautiful for everyone. Thank you for your business and support!
Kat TaylorCo-founder and CEO
Visit beneficialstate.org/impact for detailed information about our loan portfolio, industries we support, our community involvement and more!