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{{Short description|American community development bank}}{{Redirect|OneCalifornia Bank|other uses|1 California (disambiguation){{!}}1 California}}{{Use American English|date=June 2022}}{{Use mdy dates|date=June 2022}}

factoids

US$1.25billion (2020)HTTP://WWW5.FDIC.GOV/IDASP/CONFIRMATION_OUTSIDE.ASP?INCERT1=58490, FDIC: Institution Directory - Beneficial State Bank, | revenue = | operating_income = | num_locations = 7 (2022)| num_employees = 197 (2021)| parent = | subsid = beneficialstatebank.com}}| footnotes = }}Beneficial State Bank (formerly One PacificCoast Bank, FSB; and OneCalifornia Bank) is an Oakland, California-based community development bank. The bank was founded in 2007 by billionaire philanthropist and former presidential candidate Tom Steyer and his wife Kat Taylor, to provide loans and banking services to individuals in low wealth communities, including entrepreneurs and existing businesses.NEWS,weblink Organization ready to help small businesses, Cecily, Burt, East Bay Times, October 29, 2008, June 5, 2022,

History

In June 2007, Tom Steyer and his wife Kat Taylor founded a charitable foundation, OneCalifornia Foundation, with $22.5 million.WEB,weblink OneCalifornia Bank awarded USF's California Prize, May 4, 2022, August 4, 2010, San Francisco Business Times, As part of the foundation, they formed OneCalifornia Bank as a non-profit community bank.NEWS,weblink Meet Billionaire Politician Tom Steyer's Wife, A Pioneering Impact Investor On A Mission To Spend $1 Billion Righting Society's Wrongs, Jonathan, Ponciano, Forbes, October 9, 2020, June 5, 2022, NEWS,weblink Founders of OneCalifornia Bank start foreclosure-prevention fund, Mavis, Scanlon, Sacramento Business Journal, December 7, 2007, June 5, 2022, Their goal when founding the bank and foundation was to finance non-profit organizations, and ensure profits were reinvested in the community.In August 2010, the bank signed an agreement to acquire ShoreBank Pacific, a Ilwaco, Washington-based community bank, and subsidiary of Shorebank Chicago. Together the merged banks would have $300 million in combined assets and serve California, Oregon and Washington.WEB,weblink ShoreBank Pacific Bought by California Bank, August 23, 2010, June 5, 2022, Bhatt, Sanjay, Seattle Times, WEB,weblink OneCalifornia Buys ShoreBank Pacific, June 5, 2022, August 24, 2010, Portland Business Journal, As part of the acquisition, OneCalifornia Bank changed its name to One PacificCoast Bank.In January 2013, One PacificCoast Bancorp announced plans to acquire 90% of the stock of Portland, Oregon-based Albina Community Bank.NEWS,weblink One PacificCoast deal for Albina Bank closes, Portland Business Journal, October 10, 2013, June 5, 2022, In September, the Federal Reserve's Board of Governors approved One PacificCoast Bancorp and its parent One PacificCoast Foundation's request for One PacificCoast Bank, FSB and newly acquired Albina Community Bank to merge.NEWS,weblink One PacificCoast deal for Albina Bank closes, Federal Reserve, September 25, 2013, June 5, 2022, The merger was completed in October.In July 2014, One PacificCoast Bank rebranded to become Beneficial State Bank, to reflect the bank's stated purpose to pursue "economic justice and environmental sustainability".NEWS,weblink Beneficial State Bank will close Ilwaco, Wash., branch, where ShoreBank Pacific was born, Oregon Live, August 27, 2014, May 4, 2022, The parent foundation was renamed to Beneficial State Foundation.NEWS,weblink Renamed Bank Still Focused On Building Community, Forbes, August 25, 2014, June 6, 2022,

Products and services

Beneficial State Bank functions as a regulated financial institution, and provides commercial banking services to underserved small and medium-size businesses, nonprofits, affordable-housing developers, community facilities, as well as families and individuals in California, Washington State and Oregon.NEWS,weblink Beneficial State Bank signs first union contract, Northwest Labor Press, September 29, 2021, June 6, 2022, Beneficial State Bank's services and products available to individuals include money market accounts; and savings and checking accounts.Business services and products include checking accounts; money market accounts; online cash management; and commercial lending including lines of credit, term loans, commercial real estate loans and loans guaranteed by the Small Business Association.Beneficial State Bank also provides banking products and services for non-profit organizations, including checking and savings accounts; assistance bridging capital campaigns; financing facilities and real estate; money market accounts; managing deposits and payments; and CDARS, the Certificate of Deposit Account Registry Service, which allows qualified organizations to invest up to $50 million and be eligible for FDIC insurance on every dollar.The Bank lends to multiple nonprofit organizations and businesses, and helps them with cash management services intended to increase administrative and operational efficiency.

Operations

The bank maintains a triple bottom line, seeking to be profitable, promote environmental sustainability and expand economic opportunity in underserved communities. Banking services are integrated with financial literacy, technical assistance and business education provided by provided by Beneficial State Bank and Beneficial State Foundation.NEWS, Traditional Lending Goes Mainstream, Anne, Stuhldreher, San Francisco Chronicle, April 8, 2009,weblink August 16, 2010, All of the non-voting economic shares of the Bank's holding company are held by the Beneficial State Foundation. 100% of the voting shares are held by Taylor and Steyer. Beneficial State Foundation is overseen by an independent board.NEWS,weblink OneCalifornia Bank and Foundation: 2010 USF California Prize Winner, Carpenter, Edward, 2010-08-05, USF Newsroom,weblink" title="web.archive.org/web/20120930091226weblink">weblink September 30, 2012, dead, August 16, 2010,

References

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External sources

• {{official websiteweblink}}