Page 14
Minority & Small Business Week
October 4, 2017
Mission-Alligned Banks Merge
Albina turns
to Beneficial
with combined
resources
Albina Commuinity Bank, a
financial institution in Portland
created to help finance econom-
ic development projects from
disadvantaged and ethnically
diverse individuals and commu-
nities, will merge with another
mission-alligned bank, Beneficial
State Bank.
Representatives for the finan-
cial institutions announced Mon-
day that mission-driven banking
in Portland will pick up steam
with a signed agreement to merge
Albina Community Bank into
Beneficial State Bank.
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, currently target-
ed for the first quarter of 2018,
will create a powerful organiza-
tion that combines and amplifies
Albina Commuinity Bank branches in Portland will become Beneficial State Bank in a merger of two
banks with a mission to create economic development to serve disadvantaged and ethnically diverse
communities.
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, offi-
cials said.
FELLOWSHIP MISSIONARY
BAPTIST CHURCH
4009 N. Missouri Avenue
503-249-0377
Portland, OR 97227
You are invited to join us for our 30th Church
Anniversary celebration.
Our banquet will be on Saturday, October 7th at 2:00 pm at
our church. The donation is $22.00 and Evangelist LaDeana
Yarborough of Trinity Full Gospel Pentecostal Church will
be our speaker.
Our service will climax on Sunday, October 8, 2017 at 3:30
pm. St. Paul Missionary Baptist Church will be our guest and
Pastor Craig L. Brown will be our speaker.
Our theme is “Our Church: Founded upon a Solid Rock”
taken from Luke 6:48. Our colors are maroon/burgundy, gray
and pink.
If you would like tickets for the banquet you can contact
Sister Vickie Marshall at 503-281-4465.
We look forward to seeing you at this spirit filled celebration.
Sister Vickie Marshall, Chairperson
Rev. Dr. Johnny Pack IV, Pastor
Bancorp acquired a 90.1 per-
cent share of Albina in 2013,
helping to recapitalize and sta-
bilize the respected and fellow
community development finan-
cial institution following a period
of industry turbulence.
“We recognized and wanted
very much to help preserve the
positive impact and legacy of Al-
bina’s longstanding community
banking model, knowing it plays
a critical role providing capital to
underserved Portland entrepre-
neurs and individuals,” said Ran-
dell Leach, chief credit officer of
Albina and president of commer-
cial banking at both Albina and
Beneficial State.
The resulting unified bank will
retain all Albina’s staff and five
branches and ensure continuing
excellent mission-driven cus-
tomer services and community
support. United in their mission
to serve market segments which
are unique, often-neglected and
sometimes exploited, the com-
bined banks will expand services.
Albina’s Sue Campo will remain
in her role as president of Albina
as the two banks prepare to unify
and carry on in a leadership role
thereafter.
“As a person who was raised
in the Albina neighborhood and
one who has served on the Al-
bina Community Bank board, I
am pleased that this merger will
bring a mission and the resources
to serve individuals, families and
businesses that have not always
found open doors in banking
communities,” said Kay Toran, a
longstanding member of the Al-
bina Community Bank board. “A
united Beneficial State and Albi-
na will keep this population as a
top priority.”