Beneficial State Bank Company Profile
|Company Name:||Beneficial State Bank|
|Company Type:||Certified B Corporation|
About Beneficial State Bank
Beneficial State Bank is an innovative, triple-bottom line, community development financial institution. Started in 2007, BSB came from a shared vision to start a bank that finances community-based businesses, builds the long-term prosperity of responsible consumers and supports companies that have a commitment to the environment. BSB has a one of a kind ownership structure-- its profits, when distributed, can only be distributed to Beneficial State Foundation to support our communities & environment. By design, the community is the shareholder that BSB serves, not special interests of any one group.
B Corps are sustainably minded companies that focus on social justice and environmental well-being as much as profit. Joining these innovative companies was an easy decision for us because by design, we have no shareholders inclined to insist on maximizing profit at the expense of our triple-bottom line goals. Another determining factor was the B Corp Impact Assessment Tool- this amazing tool literally implements our Mission Reporting Strategy and Impact. We cannot really know our impact unless we understand the impact our borrowers are having. If all our borrowers were to undertake the annual impact assessment, we would have a full reading of our lending impact. And our borrowers would increasingly see the benefits of B Corp membership and "B" the change we want to see, and measure!
The Change We Seek®
Our vision is of a banking industry that is fair to the person with the least bargaining power; provides access to financial services for all our communities, particularly the traditionally underserved; results in the long-term prosperity of responsible consumers; promotes financial system stability; and contributes to the sustainability of the environmental commons. We call this vision beneficial banking. We believe joining the B Corp community will allow us to partner and work side-by-side with social enterprises to help us achieve this change we seek.
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