Beneficial State Bank
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| Community Development Bank | |
| Industry | Banking |
| Founded | 2007 |
| Headquarters | Oakland, California, United States |
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Area served
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California, Oregon, & Washington |
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Key people
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Kat Taylor, CEO/Cofounder |
| Products | Financial Services |
| Total assets | $300 million USD (2010) |
| Website | BeneficialStateBank.com |
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.
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.
Tom Steyer and his wife, Kat Taylor, founded OneCalifornia Bank and OneCalifornia Foundation, providing $22.5 million as capital.
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.
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.
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.
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