BENEFICIAL STATE SETS STAGE FOR NEXT DECADE OF GROWTH WITH SUCCESSION STRATEGY

Oakland, CA, Nov. 08, 2017 (GLOBE NEWSWIRE) — Beneficial State Bank (Beneficial State) today announced the succession of top leadership in the service of its triple bottom line mission of social justice, environmental well-being and economic resiliency to launch a second decade of values-driven banking. 

First and foremost, Beneficial State is elevating Daniel Skaff, currently co-CEO, to advance growth strategies and system reform as executive vice chairperson of Beneficial State Bancorp as well as to cultivate further FinTech partnerships through the impact aligned venture fund, Radicle Impact Partners. Skaff will retain responsibility for strategy and growth, finance, regulatory relations and executive team building and continue to advise key partners including The Latino Community Foundation and The Federal Reserve Bank of San Francisco.

“Dan’s leadership has been critical to achieving a significant era of integration and growth, from a radical and experimental banking concept to a three-state change-maker in the banking industry,” said Kat Taylor, co-founder and co-CEO of Beneficial State and Albina Community Bank (Albina). “Our potential for impact has grown exponentially under Dan’s stewardship and it will continue to strengthen with his ongoing help and all of our constant mission vigilance in our work.”

Several bank executives, encompassing commercial banking, consumer banking and strategy functions at Beneficial State and sister bank Albina, will assume expanded roles to strengthen capacity for service across the bank’s West Coast footprint. These expanded leadership roles will also support the anticipated merger of Albina with Beneficial State, currently expected by January 2018. Together the banks will represent $774 million in deposits and a loan portfolio of $656 million comprising total assets across the two institutions of $919 million as of Sept. 17, 2017. More than 75 percent of Beneficial State’s loan portfolio funds mission categories including renewable energy, affordable housing and women and minority-owned businesses and the other 25 percent does not undermine the bank’s triple bottom line.  Presiding over the banks’ promising future are, among others, the following executives.

  • Randell Leach will assume the role of president and chief operating officer. Leach, who has served sustainability-focused customers since joining ShoreBank Pacific in 2002 (which merged Beneficial State in 2010), is currently president of commercial banking at Beneficial State and chief credit officer of Albina in Portland, Ore.  
  • Sue Campo, currently president and chief financial officer of Albina (whose merger with Beneficial State is pending regulatory approval) will remain in Portland, Ore., as Beneficial State’s executive vice president of business intelligence, providing strategy and business intelligence direction across the bank’s business lines, data and processes.
  • Madison Le, currently executive vice president and chief administrative officer, will assume leadership of the bank’s 17-branch network as well as growing Beneficial State’s credit card program, as the chief of staff and executive vice president of consumer banking services. Le will remain based in Oakland, Calif., at the bank’s headquarters.
  • Tyson Smith joined Beneficial State on Nov. 1, 2017 to take up the expanded chief technology officer role in recognition of the centrality of technology in democratizing banking services for the under- and poorly- banked. Smith comes from Pacific Continental Bank and previously from Capital Pacific Bank, a former certified B Corporation® that focused on Portland’s nonprofit sector. Smith will work from Portland, Ore.
  • Steve Goodrich will continue to develop new products as the new executive vice president of consumer and microlending. Currently, Goodrich is the bank’s senior vice president of consumer and microlending in Los Angeles.  
  • Monique Johnson, also in Los Angeles, will oversee all deposit and cash management functions throughout the bank’s footprint, as the senior vice president, director of client and treasury management.
  • Grant Word will be promoted to executive vice president, director of commercial and business banking to drive business lending and innovation for commercial clients. Word joined Beneficial State as senior vice president, director of commercial services in early 2017.  He is based in Portland, Ore. 

 “With these talented leaders, we’re developing a network of mission-driven banking expertise from Seattle to Los Angeles,” added Taylor. “Whether our customer is working in the Central Valley and seeking an alternative to a predatory auto loan or is an Oregon entrepreneur looking to orchestrate an ESOP for his dedicated employees, our team has the industry expertise and unwavering mission commitment to meet their needs.”

 

About Beneficial State Bank

Beneficial State Bank (Beneficial State) is a state-chartered, federally-insured, for-profit bank whose economic rights are owned entirely by the non-profit Beneficial State Foundation, which is in turn permanently governed in the public interest. That ownership allows the bank to prove and maintain an innovative model for banking that generates prosperity for people and the planet and eschews harm to any while being financially safe and sound. Beneficial State entered the Portland, Ore. marketplace in December 2010 with the acquisition of ShoreBank Pacific, a pioneer of environmentally sustainable banking serving Washington and Oregon. In 2013, Beneficial State Bancorp completed a stock purchase transaction of 90.1 percent of Albina Community Bank (Albina) to provide critical capital for a legendary Portland institution. Beneficial State is seeking to acquire the remaining 9.9 percent of Albina in 2018, subject to regulatory approval. In June of 2016, Beneficial State Bank acquired Pan American Bank to serve communities in the Central Valley and Los Angeles markets of California. Today, Beneficial State and Albina Community have a combined $919 million in assets, 225 colleagues, and 17 locations in California, Oregon, and Washington. Albina and Beneficial State are both community development financial institutions (CDFI) as designated by the US Treasury and Certified B Corporations®, with Beneficial State ranking among the world’s top B Corps since becoming a Certified B Corporation in 2012. For additional information, visit http://www.beneficialstate.com. FDIC Insured, Equal Housing Lender.

 

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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/79ecfa6a-c643-40be-aa78-f12eecc359dc

CONTACT: Andrea Walker
Beneficial State Bank
5108461119
awalker@beneficialstate.com