Virginia Community Capital (VCC) 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.
Rick Alexander, Head of Legal Policy at B Lab said, “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.
“We are a big fan of VCC and we have each grown in a friendly, collaborative partnership,” said Michael Pirron, CEO and Founder of Impact Makers as quoted in the Richmond Times-Dispatch. In 2015, Impact Makers became a Benefit Corporation and gave ownership of the company to two organizations that support philanthropy and community development: Virginia Community Capital and The Community Foundation Serving Richmond and Central Virginia.
See more on VCC and Impact Makers in the Richmond Times-Dispatch.