Why a Growing Community Bank Adopted a Triple Bottom Line for Its Business

Left to right: Pacific West Bank Senior Vice-President Lisa Fajardo Faust and President & COO Bob Harding

With community banks few and far between in this merger era of financial institutions, Pacific West Bank found itself joining a different group of companies. These forward-thinking businesses are all aligned in their belief of doing business for the greater good. That's why the bank  decided to become an Oregon Benefit Company.

Recently the team felt the time was right to certify their beliefs and practices of serving People, Planet and Profit by becoming a  Benefit Corporation for Good.

We interviewed senior vice-president Lisa Fajardo Faust about becoming a certified Oregon Benefit Company. Here’s what she had to say about it, the motivation for doing it and why it was right for Pacific West Bank.

1. What motivated you to become a Benefit Company?

At our core, Pacific West Bank’s values of being a community partner connected us to the BCFG values of People, Planet, Profit. It was time to embrace a formal process and support our employee’s commitment to the Benefit Company model as we plan for our continued growth.

2. Was it difficult getting internal support for moving toward this model?

Not at all. Our decision to move forward was driven and celebrated by our staff, senior management, and our board of directors.

3. How long did it take you to officially become a Benefit Company?

We took the time to talk to our staff, to make sure that our company culture matched the commitment. The beauty about taking this time was we found both long-term employees and new employees to the bank were all committed to the cause; to making an impactful difference in our community. Once we made the commitment, working with Tom and Mary Anne was quick and efficient.

4. Have you seen any change in culture since you became a Benefit Company?

We have seen newly dedicated efforts by our employees to look through the BCFG lens. This is true with vendor management, creating sustainable work environments, and looking internally to becoming a more diverse workforce.

5. Have you experienced any positive outcomes since becoming a Benefit Company?

Absolutely. Internally we continue to see positive outcomes, and we have seen like-minded businesses want to work and collaborate with us. We also enjoy spreading the word of what it means to be a Benefit Company.

6. Would you recommend this business model to others? Why or why not?

We have had the opportunity to share this business model to others. We are proud to discuss how the core of being a Benefit Company matches our values as a company and as individuals.

7. What is the most important trait to have as a conscientious leader of a Benefit Company?

To be open-minded, to embrace change as new opportunities arise and to continue to challenge the status quo.

8. What lessons have you learned in the process?

That change for the good does not always need to be big. Every little step matters.

9. Is being a Benefit Company part of your current brand message?

Yes, we are proud to share our certification. It has elevated our presence in our community, and it has afforded us to the opportunity to work with other like-minded businesses.

10. What is the single best reason you'd give for another company or peer to become a Benefit Company?

You get to walk the talk! Welcoming the opportunity to improve your business practices for the good, is a gift.

You can learn more about the work of Pacific West Bank here.

If you want to know more about why your business should become a benefit corporation, watch this.

Learn more about the 6 simple steps to becoming an Oregon Benefit company or benefit corporation here.

~benefitcorporationsforgood.com~