Today, Albina Community Bank was recognized on the 2017 Best for the World Customers List by the non-profit B Lab. The list recognizes companies creating the most positive overall customer impact and is based on an independent, comprehensive assessment administered by B Lab. The Best for the World designation is earned by scoring in the top 10 percent of all 2,100 Certified B Corps globally.
Jointly-owned Beneficial State Bank was also honored for being a 2017 Best for the World in four Lists: Overall; Community; Customers; and on the newly created 2017 Best for the World: Changemakers list.
The full B Impact Assessment measures a company's impact on its workers, community, customers, and environment. To certify as B Corporations, companies like Albina must complete the full assessment and have their answers verified by B Lab.
The Customer portion of the B Impact Assessment measures the impact a company has on its customers by focusing on whether a company sells products or services that promote public benefit and if those products/services are targeted toward serving underserved populations. Albina made the list thanks to exceptional practices like providing fair banking services and products to Portland’s moderate-to-low income communities for over 20 years, increasing the flow of capital to minority and woman-owned businesses throughout Portland, and by building lasting banking relationships with those who care the most about their communities. President and CFO, Sue Campo stated, “To be honored for offering a product and service we believe everyone has the right to access is humbling. We have been committed to fair access to capital and financial services for over 20 years because the citizens of Portland deserve nothing less.”
The 174 Best for Customers companies come from 63 different industries and 29 countries. B Lab simultaneously released separate lists recognizing B Corporations as Best for the World (overall impact), Best for the Environment, Best for Community, Best for the Long Term, Best for Workers and Best for the World: Changemakers, which can be found at http://www.bthechange.com.
Albina has served Portland with five location for over 20 years, and is one of approximately 120 commercial banks across the United States certified by the U.S. Department of the Treasury as a Community Development Financial Institution (CDFI). As a CDFI, Albina has a primary mission of promoting community development and work in market niches that are often underserved by other financial institutions and to provide financial and educational services in our local community.
“Companies like Albina Community Bank are proving that business can be a force for good for all stakeholders,” says Jay Coen Gilbert, co-founder of B Lab. “We’re proud to share their achievement in a meaningful way. Best for the World is the only list of businesses making the greatest positive impact that uses comprehensive, comparable, third-party-validated data about a company’s social and environmental performance.” Additional 2017 Best for Customers honorees include: AltSchool; Revolution Foods; and Warby Parker.
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About Albina Community Bank
Albina Community Bank is a local, full-service commercial bank providing a range of banking products and services, while maintaining the bank’s mission to promote jobs, growth of small businesses, and wealth in local Portland neighborhoods. Locally managed, the bank operates five Portland locations including offices at: 2002 NE Martin Luther King Jr. Boulevard; 8040 N. Lombard in the St. Johns neighborhood; 4020 NE Fremont in the Beaumont neighborhood; 5636 NE Sandy Boulevard in the Rose City Park neighborhood of the International District; and 320 NW 10th Avenue in Portland’s Pearl District. A certified B Corporation, the bank is jointly-owned with Beneficial State Bank. Today the combination of Beneficial State Bank and Albina Community Bank have $856 million in assets, 225 colleagues, and 17 locations in California, Oregon and Washington. FDIC Insured, Equal Housing Lender.
For more information call 503-287-7537 or visit www.albinabank.com.
B Lab is a nonprofit organization that serves a global movement of people using business as a force for good. Its vision is that one day all companies compete not only to be the best in the world, but the best for the world and society will enjoy prosperity for all for the long term.
B Lab drives this systemic change by: 1) building a community of Certified B Corporations to make it easier for all of us to tell the difference between “good companies” and good marketing; 2) passing benefit corporation legislation to give business leaders the freedom to create value for society as well as shareholders; 3) helping businesses measure, compare and improve their social and environmental performance with the free B Impact Assessment; 4) driving capital to impact investments through use of its B Analytics and GIIRS Ratings platform.
For more information, visit http://www.bcorporation.net.
B the Change is a Medium publication, produced by B Lab in collaboration with the community of Certified B Corps and the movement of people using business as a force for good.
B the Change exists to inform and inspire people who have a passion for using business as a force for good in the world. Because we believe that storytelling is an essential element in the transformation of business and society, we commit ourselves to telling the most compelling stories possible to the largest audiences possible to propel the movement of business toward its destiny as a powerful force for good. We want to dramatically broaden and deepen engagement with entrepreneurs, managers, employees, investors and citizens in one of the most important discussions of our time.
Read all B the Change stories at http://www.bthechange.com.
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/68c102cf-44ac-418c-8e37-55e7946c477a