What is the beneficial state bank about?
Beneficial State Bank is a certified community development financial institution and state-chartered commercial bank operating with a core triple-bottom-line mission focused on social justice, environmental sustainability, and economic equality. The bank directs the vast majority of its lending capital toward underserved communities, affordable housing projects, renewable energy initiatives, and minority-owned small businesses, utilizing sustainable banking practices to drive positive systemic community impact.
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Beneficial Corporation, which grew to become one of the largest consumer finance companies in the United States, ceased operating as an independent entity when it was acquired by Household International, Inc. in 1998 for approximately $8.25 billion.
No, Beneficial State Bank is not structured as a credit union, but rather operates as a state-chartered, FDIC-insured community development bank.
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Beneficial State Bank officially opened for commercial operations on June 27, 2007.
Beneficial State Bank is a pioneering community development bank and certified B Corporation headquartered in Oakland, California, dedicated to driving economic justice and environmental sustainability.
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