Oakland, Oct. 18, 2019 (GLOBE NEWSWIRE) -- Beneficial State Bank issues the following statement. Beneficial State Bank responds to a disinformation attack by the National Diversity Coalition (NDC), led by Faith Bautista, spreading false allegations about their banking practices.
“How sad that politically motivated interests find gain in attacking a bank whose very mission is to serve the un- and under-served with high road financial products and services. Given that, one has to wonder who these attacks actually serve,” said CEO Kat Taylor. “Before launching this political attack, which is an inappropriate activity for a nonprofit, NDC acted in bad faith, as it did not reach out to Beneficial State to verify any of its claims,” added Taylor. “As a result, NDC’s statements include numerous inaccuracies, misstatements, falsehoods, specious arguments, and faulty conclusions.”
As a federally certified Community Development Financial Institution and certified B Corporation, Beneficial State provides under-resourced communities fair and transparent banking services. Beneficial State has proven its commitment to helping disenfranchised segments of the population gain access to financial resources and credit, often refinancing or providing alternatives to predatory lenders. Among other banking services, the bank provides access to responsible credit to qualified applicants that have a demonstrated ability to repay.
As a direct result of the bank’s leadership in these areas, the FDIC recently issued Beneficial State an “Outstanding” overall rating for its Community Reinvestment Act (CRA) performance, assigned by examiners after careful and extensive review of multiple factors included in their performance standards. In 2018, only 7.6% of all CDFI banks received an “Outstanding” rating. Additionally, B Lab, the nonprofit entity behind the B Corporation certification, awarded Beneficial State a 2019 Best for the World Honoree, for the sixth consecutive year. Certified B Corporations that receive the Best for the World Honor are top-performing B Corps that provide the greatest positive social and environmental impact. Beneficial State is one of the highest rated B Corporations out of 3,000 globally.
About Beneficial State Bank
Mission-driven Beneficial State Bank is a state-chartered, federally insured Community Development Financial Institution (“CDFI”) and a “Best Overall” Certified B Corporation® six years-running. The bank, headquartered in Oakland, California and founded as a social enterprise bank in 2007, serves the three West Coast states. Beneficial State Bank holds to a triple-bottom-line of social justice, environmental wellbeing, and economic sustainability. 100% of the economic rights of Beneficial State Bank are owned by nonprofit organizations. Beneficial State Bancorp (“Bancorp”), the holding company for Beneficial State Bank, is registered as a Public Benefit Corporation. Beneficial State Foundation, the majority beneficial owner of the Bancorp, measures and supports the social and environmental impact of the Bank and works to change the banking system for good.
For additional information, please visit http://www.beneficialstatebank.com. FDIC Insured, Equal Housing Lender.