Beneficial State Bancorp converts to PBC.
Oakland, CA: Beneficial State Bancorp converted to a Delaware Public Benefit Corporation (PBC).
Beneficial State Bancorp is Beneficial State Bank's holding company. PBCs are a new legal structure designed to protect long-term mission alignment and value creation, allowing businesses to pursue social justice and environmental well-being at the same time they thrive economically. Beneficial State Bancorp is the first bank holding company to be a Delaware PBC. Morrison & Foerster LLP advised on the conversion.
Beneficial State opened for business in 2007 and was certified as a B Corporationa in 2012. This year Beneficial State surpassed $1 billion in assets and released its 10-year anniversary impact report highlighting how deposits support high-impact lending throughout California, Oregon, and Washington.
Beneficial State is certified as a B Corporationa with a parent PBC. There are more than 7,000 benefit corporations in the U.S., a plurality of which are incorporated as Delaware PBCs, which must meet the highest standards of legal accountability. In addition, there are almost 2,600 Certified B Corporationsa in the U.S., which are further distinguished by their commitments to meet the highest standards of overall verified impact performance. A few examples of well-known benefit corporations include Method, Kickstarter, Plum Organics, King Arthur Flour, This American Life, Year-Up and Patagonia.
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|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Date:||Oct 26, 2018|
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