Albina Community Bank will begin a new chapter in 2018, under the umbrella of Beneficial State Bank, a fellow Certified B Corporation and Community Development Financial Institution, headquartered in Oakland, Calif.
Beneficial plans to keep all of Albina’s staff and executive leadership and hopes to swap out the signs and branding at all five current Albina branches before February 1. The unification of the two banks will strengthen their ability to impact our community, with a combined loan portfolio of $656 million and combined deposits of $774 million, creating the second largest community development financial institution in the West with close to $1 billion in assets and 17 branches in Washington, Oregon and California.
“Our goal has always been to create a banking organization that has economic sustainability, focuses on underserved communities, and demonstrates the social, environmental and economic benefits of beneficial banking,” said Beneficial State Co-CEO Kat Taylor. “Joining with Albina creates even greater potential to transform the banking industry for good through equitable access to aligned financial services.”
Three Albina board members will join the Beneficial State board, including Kay Toran, president and chief executive officer of Volunteers of America Oregon; Melvin Oden-Orr, City of Portland hearings officer; and Tom Cody, managing director of Project^PDX.
“We’re working closely with Albina staff to learn from their legacy and deep commitment to the neighborhoods they serve, evaluating ways to strengthen lending and extend our services for even greater impact,” said Randell Leach, who will continue as chief credit officer of Albina and will be president and chief operating officer at Beneficial State in the new year.
The two banks’ products have been coordinated to ensure a continuation of mission-driven services and community support. After the merger, many customers will see reduced fees as well as additional products and services.
For more information, visit www.beneficialstate.com.