August 25, 2014 - Read the full Forbes article and watch the interview here: http://onforb.es/1pwca1u. Subscribe to this podcast on iTunes by clicking here: http://bit.ly/ymotwitunes or on Stitcher by clicking here: http://bit.ly/ymotwstitcher. One PacificCoast Bank is rebranding itself to better reflect its social justice agenda as Beneficial State Bank. Beneficial State Bank takes its social mission seriously. The bank is a member of the Social Venture Network and is a registered B Corporation. In fact, B Lab recognizes the bank as qualifying for “Best for Community Impact.” Beneficial focuses on serving business customers that serve the community in an environmentally friendly way. The bank says: Typically, mainstream banks work with big businesses that offer conventional products with relatively low risk — but often in a way that bars new, more sustainable ways of meeting our needs, like sustainable agriculture or clean energy. If we want to build our local community economies, then the underserved sectors must become the primary focus of our bank and other organizations committed to local living economies. The bank focuses on community development business sectors for its lending like affordable housing, sustainable food and agriculture, The bank has a unique ownership structure. The bank is effectively owned by a foundation so that any and all dividends will be distributed back into the community, supporting nonprofits and environmental efforts.
#95: Renamed Bank Still Focused On Building Community