Beneficial State Bank
|Headquarters||Oakland, California, United States|
Number of locations
|California, Oregon, Washington|
|Kat Taylor (CEO, Co-founder)|
|US$1.438 million (2018)|
|Total assets||US$1.015 billion (2019)|
Number of employees
Beneficial State Bank (formerly One PacificCoast Bank, FSB & OneCalifornia Bank) is an Oakland, California-based community development bank. Founded by Tom Steyer and 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.
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, Oregon.
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
Beneficial State Foundation's mission is to change the banking system for good. The foundation advocates for an equitable banking system, and sets, measures and advances triple-bottom-line banking standards in partnership with Beneficial State Bank. One hundred percent of the economic rights of Beneficial State Bank are owned not by private shareholders, but by nonprofit organizations, including Beneficial State Foundation. As a nonprofit shareholder, Beneficial State Foundation reinvests all distributed bank profit back into communities to promote thriving people, a healthy economy and a prosperous planet. This ownership structure allows Beneficial State Foundation to learn and develop new metrics and standards as Beneficial State Bank tests and implements equitable banking products and practices.
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.
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.
Rebranding as Beneficial State Bank
Partnerships and initiatives
Through its OneCal Community Connects program, OneCalifornia Bank and the OneCalifornia Foundation have formed partnerships with Bay Area community-based organizations, including the Chabot Space & Science Center and C.E.O. Women.
- "Innovation meets tradition in community development banking". Oakland Business Review. May 2008.
- Bhatt, Sanjay (2010-08-23). "ShoreBank Pacific Bought by California Bank". Seattle Times. Retrieved 2010-08-23.
- BizJournals: One PacificCoast deal, Albina Bank Closes
- Stuhldreher, Anne (2009-04-08). "Traditional Lending Goes Mainstream". San Francisco Chronicle. Retrieved 2010-08-16.
- Carpenter, Edward (2010-08-05). "OneCalifornia Bank and Foundation: 2010 USF California Prize Winner". USF Newsroom. Archived from the original on 2012-09-30. Retrieved 2010-08-16.
- Burt, Cecily (2008-10-29). "Organization ready to help small businesses". Oakland Tribune.
- Oakland Business Review
- "OneCalifornia Buys ShoreBank Pacific". Portland Business Journal. 2010-08-22. Retrieved 2010-08-23.
- "OneCalifornia Bank to Acquire ShoreBank Pacific and Provide Growth Capital To Extend Beneficial Banking From California to the Pacific Northwest". BusinessWire. 2010-08-21. Retrieved 2010-08-23.
- "Our History | Beneficial State Bank". www.onepacificcoastbank.com. Archived from the original on 2016-10-12. Retrieved 2016-09-06.
- "Press release: One PacificCoast Bank is now, Beneficial State Bank!". Beneficial State Bank. 2014-07-14. Archived from the original on 2014-09-08. Retrieved 2016-09-07.
- Oakland Business Review, p2
- "2009 Donors & Funders". Archived from the original on 2010-12-13. Retrieved 2016-09-07.
- USF Newsroom, p1