Beneficial State Bank
| Company type | Private |
|---|---|
| Industry | Banking, Financial services |
| Founded | 2007 |
| Founder | Tom Steyer, Kat Taylor |
| Headquarters | Oakland , United States |
Area served | California, Oregon, Washington |
| Products | Personal banking (savings accounts, checking accounts, money market accounts), Business banking (checking and money market accounts, commercial lending including lines of credit, term loans, commercial real estate financing, SBA loans), Nonprofit banking (checking and savings accounts, capital campaign support, facility and property acquisition financing, CDARS) |
| Owner | Tom Steyer and Kat Taylor (voting shares), Beneficial State Foundation (non-voting economic interests) |
| Website | beneficialstatebank |
Beneficial State Bank—previously known as One PacificCoast Bank, FSB, and OneCalifornia Bank—is a community development bank headquartered in Oakland, California. Established in 2007 by billionaire philanthropist and former presidential contender Tom Steyer alongside his wife Kat Taylor, the institution specializes in providing financial products and loan services to individuals residing in economically disadvantaged areas, including both emerging entrepreneurs and established enterprises.
History
The inception of the OneCalifornia Foundation took place in June 2007 when Tom Steyer and Kat Taylor contributed $22.5 million,[1] leading to the creation of OneCalifornia Bank as a nonprofit community bank dedicated to supporting nonprofit organizations and reinvesting earnings back into local communities.[2][3]
In August 2010, OneCalifornia Bank completed the acquisition of ShoreBank Pacific, a community bank operating out of Ilwaco, Washington. This merger increased their combined assets to $300 million and broadened their service footprint to include California, Oregon, and Washington.[4][5] Subsequent to this acquisition, the bank adopted the new name One PacificCoast Bank.[6]
By January 2013, One PacificCoast Bancorp declared its intention to purchase a 90% stake in Albina Community Bank, based in Portland, Oregon.[4] The Federal Reserve granted approval for the consolidation of One PacificCoast Bank, FSB with Albina Community Bank in September that year, finalizing the merger in October.[7][4]
In July 2014, the institution rebranded itself as Beneficial State Bank to better reflect its core mission of promoting "economic justice and environmental sustainability".[6][8] Concurrently, its parent organization was renamed Beneficial State Foundation.[8]
Products and services
As a regulated banking entity, Beneficial State Bank delivers commercial banking solutions tailored to underserved segments including small to mid-sized enterprises, nonprofit organizations, developers of affordable housing projects, community facility operators, and individual customers across California, Washington, and Oregon.
For personal banking clients, the bank offers savings accounts, checking accounts, and money market accounts.
On the business side, offerings encompass checking and money market accounts, online cash management tools, along with commercial lending products such as lines of credit, term loans, commercial real estate financing, and loans guaranteed by the SBA.
Nonprofit clients have access to checking and savings accounts; support for capital campaigns; financing options for facilities and property acquisitions; money market accounts; deposit and payment processing services; plus CDARS (Certificate of Deposit Account Registry Service), which facilitates FDIC-insured investments up to $50 million per depositor.
The bank maintains an active lending portfolio for nonprofits and businesses while providing cash management services aimed at improving operational efficiency and administrative processes.
Operations
Beneficial State Bank employs a triple bottom line approach focusing on financial viability, environmental stewardship, and fostering economic growth within underserved populations. Complementing its banking operations are programs in financial education, technical support, and business training administered by both the bank itself and the Beneficial State Foundation.
All non-voting economic interests in the bank’s holding company are held by the Beneficial State Foundation under an independent board’s governance. Founders Taylor and Steyer retain full ownership of all voting shares.
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- Articles with short description
- Community development financial institutions
- Banks based in California
- Banks established in 2007
- Companies based in Oakland, California
- 2007 establishments in California
- B Lab-certified corporations
- Cooperative banks in the United States
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