Mission-driven banking is picking up steam with today’s announcement that Beneficial State Bank (Beneficial State) and fellow Certified B Corporation®, Albina Community Bank (Albina) have signed a definitive agreement and plan of merger pursuant to which Albina will merge with and into Beneficial State.
In connection with the signing of the merger agreement, Beneficial State Bancorp, Inc. (Bancorp), the holding company of Beneficial State and Albina, reached an agreement to purchase the remaining 9.9 percent of the stock of Albina not owned by Bancorp.
The merger has been approved by the boards of directors of Beneficial State and Albina, and is conditioned upon the closing of Bancorp’s purchase of the Albina stock and receipt of stockholder and regulatory approvals.
Currently targeted for Q1 of 2018, the merger will create a powerful organization that combines and amplifies the impact of Albina’s proven community banking model with Beneficial State’s mission to transform the banking industry for good by creating equitable access to financial services.
Bancorp acquired a 90.1 percent share of Albina in 2013, helping to recapitalize and stabilize the respected and fellow community development financial institution (CDFI) following a period of industry turbulence.
Beneficial State emphasizes it will take great care to preserve Albina’s history of breaking down barriers between the traditionally underserved communities and capital. That legacy perfectly complements Beneficial State’s pursuit of a triple bottom line mission of social justice, environmental resilience and economic sustainability.