Beneficial State Bancorp Purchases 90% of Albina Community Stock
October 10, 2013 | Press Release
Kat Taylor, CEO/Co-Founder
Dan Skaff, President / COO
Portland, OR (October 10, 2013) – Beneficial State Bancorp announced today that it has completed a stock purchase transaction of 90% of Albina Community Bank (Albina.) The purchase by Beneficial State Bancorp brings $8.75MM of new capital to Albina and returns the bank’s regulatory capital ratios to the level required by its regulators.
This recapitalization will further strengthen the bank and better position it for future growth and continued support and investment in its local communities. “Supporting our local communities is nothing new for our bank. Community is our middle name,” said Cheryl Cebula, President and CEO of Albina. “We have been investing in individuals, families, businesses and local neighborhoods every day for the last 17 years, and this new capital means we can continue to do that in the future.”
“We are pleased to complete the recapitalization of Albina Community Bank because it means their mission and community focus will live on,” stated Kat Taylor, Co-Founder and CEO of Beneficial State Bank. “Albina Community Bank represents a strong partner for OPCB with a similar mission and commitment to the communities it serves.”
Beneficial State Bancorp is headquartered in Oakland, California, and its subsidiary, Beneficial State Bank is certified as a Community Development Financial Institution just like Albina. As a mission-driven bank with a similar commitment to local community banking, Beneficial State is dedicated to producing social justice, environmental well-being and ensuring financial sustainability. Additionally, its economic interest is entirely held by the Beneficial State Foundation and any profits when distributed can only be invested in the low-income communities it serves or the environment upon which we all depend.
“Beneficial State’s similar mission, unique ownership, and focus make this a perfect partnership,” stated Cebula. Albina will continue to operate as a separate, independent, locally managed financial institution. Existing management and staff will remain in place, and the bank will continue to operate with its own local board of directors. Two members of Beneficial State Bank’s board will be joining the Albina board. Customers of Beneficial State Bank and Albina should not expect to see any changes to their current banking relationship.
About Beneficial State Bank:
Founded in 2007 by Tom Steyer and Kat Taylor, Beneficial State Bank is a FDIC-insured, Certified Development Financial Institution (CDFI) and SBA Preferred Lender headquartered in Oakland, CA. In addition to banking services for individuals, businesses and nonprofits, Beneficial State Bank works with the Beneficial State Foundation to increase financial education, affordable housing and environmental conservation in the low and moderate income communities it serves. One PacificCoast Bank operates from a triple-bottom-line perspective, measuring financial as well as social and environmental outcomes. The Bank also has branches and offices in Sacramento, CA, Portland, OR, Seattle, WA, and Ilwaco, WA. For additional information, please visit www.opcb.com.
About Albina Community Bank
Albina Community Bank is a full-service independent commercial bank that provides a full range of banking products and services, while maintaining the bank’s mission to promote jobs, growth of small businesses, and wealth in our local Portland neighborhoods. One of just 61 commercial banks across the country certified by the U.S. Treasury Department as a community development financial institution, Albina is the only CDFI in the Pacific Northwest founded to create hope and financial opportunity. Albina Community Bank is locally managed, and operated out of five local Portland locations including offices at: 2002 NE Martin Luther King Jr. Boulevard; 8040 N. Lombard in the St. John’s neighborhood; 4020 NE Fremont in the Beaumont neighborhood; 5636 NE Sandy Boulevard in the Rose City Park neighborhood of the International District; and 430 NW 10th Avenue in Portland’s Pearl District. For more information about Albina Community Bank, please call 503-288-7281 or visit www.albinabank.com