Oakland, California (EastBayDaily) — Built on a commitment to social justice, environmental well-being, and financial sustainability, OneCalifornia Bank began in 2007 to offer fair and transparent commercial loans, transactional services, savings products, and financial assistance. Along the way, OneCalifornia Bank merged with ShoreBank Pacific, expanding its reach to Oregon and Washington, and settled temporarily on the name of One PacificCoast Bank. The time has come to adopt a more fitting brand.
Ten months ago, we teamed up with fellow B Corporation, Free Range Studios, to develop an identity that reflects our vision, mission and commitment to our triple bottom-line, rather than merely the geographical region we serve. Today, we launch our new name — "Beneficial State Bank" OR "Beneficial State" — which reinforces our aims in multiple ways.
Consistently, we strive to be a bank that is "beneficial" to people and the planet as opposed to extractive. Our truly unique ownership model helps ensure we act in the best interests of these constituents. All of the economic rights of Beneficial State Bank are owned by our non-profit, Beneficial State Foundation, which is mandated to re-invest all profits, whenever distributed, back into the low-income communities we serve and the environment upon 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. At the same time, it protects the bank from the pressures of private shareholders to insist upon profit maximization that often comes at the expense of our triple bottom-line values. This model ensures more beneficial outcomes for all.
Additionally, by providing "beneficial capital," we're change agents supporting transformative actors and sectors that are forging the new economy. We believe an entirely different economy is possible and it will rely on an entirely different kind of banking system. While an economy that delivers health, happiness and prosperity for all is still just over the horizon, the seeds of its banking system are already here. To remind us of the promise of a new banking system, Beneficial State Bank's logo will be an Acorn — a tiny seed from which mighty oaks, and Oaklands, spring.
Beneficial State connotes our commitment to act beneficially in whichever of the three states we serve — California, Oregon and Washington.
And lastly, we hope Beneficial Banking puts our clients, communities, and partners in a beneficial state of mind and being.
We aspire to build prosperity in our communities through beneficial banking services for individuals, businesses and nonprofits, delivered in an economically and environmentally sustainable manner. Beneficial State Bank offers our customers a new kind of bank and the tools they need to build something beautiful. Beneficial Banking was made to serve those who are creating a better world.
Visit us at beneficialstate.com to learn more about how we can build something beautiful together.
Check out the message from our CEO, Kat Taylor.