VCC: First Benefit Corporation Bank in America!

Virginia Community Capital has converted its wholly-owned, FDIC insured, for-profit bank into a Benefit Corporation, and it is the first regulated bank in the U.S. to do so under state statute. The conversion does not affect the bank’s status as a state-chartered banking corporation.

“This is a very exciting day for us at B Lab,” said Rick Alexander, Head of Legal Policy at B Lab. “As the first regulated bank in the U.S. to become a Benefit Corporation, VCC has set a new model for the financial industry. We know that this is just the beginning as more and more banking institutions follow suit to become forces for good in their communities.”

Benefit Corporations are stock corporations with the mission of creating a general public benefit defined as positive impact on society and the environment, as measured by a third-party standard. The Commonwealth of Virginia was an early adopter of Benefit Corporation legislation when in 2011, the General Assembly voted to allow companies to amend their articles of incorporation with the Virginia State Corporation Commission to become benefit corporations.

Learn more at: http://www.vacommunitycapital.org/index.php/news-item/vcc-americas-first-benefit-corporation-bank and for the full press release, visit: http://www.prweb.com/releases/2016/03/prweb13301237.htm/

In other news

We are proud to be celebrating 10 years of community impact! If you haven’t already, please click the following link to see the events we have planned for 2016: http://www.vacommunitycapital.org/10yearsvcc/