In this episode of Behind the Vault, we hear from Randell Leach, CEO of Beneficial State Bank. Beneficial State Bank is proving that banks can be profitable and purposeful. It has grown into a $1.5 billion CDFI while staying disciplined in the business it pursues and avoids and focused on accessibility to underserved communities in the US Northwest.

Key highlights from our conversation:

• How Beneficial State Bank measures success through a triple-bottom-line approach
• The unique challenges and opportunities of operating a mission-driven bank
• Their approach to unionization efforts
• Creating profitable growth while prioritizing community impact

This episode challenges conventional wisdom about banking and provides a blueprint for how financial institutions can drive positive change while maintaining strong financial performance.

Tune in to learn about:

• Why they are structured as a for-profit bank owned by a nonprofit foundation
• Balancing profitability with community development goals
• How technology investments support both efficiency and accessibility
• Measuring success beyond traditional banking metrics

Links:

• Beneficial State Bank
• Beneficial State Foundation
• Randell's LinkedIn Profile