Industry Banking Headquarters Oakland | Products Financial Services Founded 2007 | |
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Area served California, Oregon, & Washington Key people Kat Taylor, CEO/Cofounder Total assets $300 million USD (2010) Website BeneficialStateBank.com Type of business Community Development Bank | ||
Beneficial State Bank (formerly One PacificCoast Bank, FSB & OneCalifornia Bank) is an Oakland, California-based community development bank. Founded by Tom Steyer and his wife, Kat Taylor, in June 2007, Beneficial State Bank functions as a regulated financial institution, but provides commercial banking services to underserved small and medium-size businesses, nonprofits, affordable-housing developers, community facilities, as well as families and individuals in the Bay Area.
Contents
- Beneficial state bank all benefit no harm
- Founders
- Mission and structure
- Beneficial State Foundation
- Services and products
- Lending
- Shorebank Pacific acquisition
- Rebranded to Beneficial State Bank
- Partnerships and initiatives
- Recognition
- References
In August 2010, the bank signed an agreement to acquire Shorebank Pacific, a Washington-based community bank. Together the merged banks would have $300 million in combined assets and serve California, Oregon and Washington.
In January 2013, the bank acquired 90% of the stock of Albina Community Bank based in Portland, OR.
Beneficial state bank all benefit no harm
Founders
Tom Steyer and his wife, Kat Taylor, founded OneCalifornia Bank and OneCalifornia Foundation, providing $22.5 million as capital.
Mission and structure
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 the OneCalifornia Foundation. Steyer and Taylor founded the bank and foundation to ensure profits are reinvested in the community. Steyer and Taylor take no economic benefit or repayment from the Bank. All of the non-voting economic shares of the Bank's holding company are held by the OneCalifornia Foundation. 100% of the voting shares are held by Taylor and Steyer. OneCalifornia Foundation is overseen by an independent board.
Beneficial State Foundation
The Beneficial State Foundation, formerly known as OneCalifornia Foundation, engages in charitable and educational activities that primarily support the goals of Beneficial State Bank. Included are programs and initiatives to help eliminate financial discrimination, encourage affordable housing, alleviate economic distress, stimulate community development and increase financial literacy.
Services and products
Beneficial State Bank's services and products available to individuals include: home loans; home equity lines of credit; home improvement loans; personal lines of credit; 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
Lending
Beneficial State Bank was founded to provide assistance to individuals in low wealth communities, including entrepreneurs and existing businesses. The Bank’s loans provided assistance to John Bailey of Volunteers of America Bay Area and also helped multiple nonprofit organizations and businesses with cash management services intended to increase administrative and operational efficiency.
Shorebank Pacific acquisition
In August 2010, OneCalifornia Bank announced it will acquire Shorebank Pacific, the Ilwaco, Washington-based community bank. Shorebank Pacific specializes in sustainable lending to the agriculture, renewable energy and small business sectors, and has offices in Portland, Oregon and Seattle, Washington. Together the banks would have $300 million in combined assets.
Rebranded to Beneficial State Bank
In July 2014, One PacificCoast Bank rebranded to become Beneficial State Bank. This is the third name of the bank: first OneCalifornia Bank, then One PacificCoast Bank, and now Beneficial State Bank.
Partnerships and initiatives
Through its OneCal Community Connects program, OneCalifornia Bank and the OneCalifornia Foundation have formed partnerships with local Bay Area, community-based organizations including the Chabot Space & Science Center and C.E.O. Women.
Recognition
In 2010, the University of San Francisco awarded Beneficial State Bank the USF California Prize. The prize "recognizes significant service in pursuit of the common good of society."