PORTLAND, OR--(Marketwired - Mar 3, 2014) - Capital Pacific Bank (OTCQB: CPBO), a Portland-based community bank serving businesses, professionals and nonprofit organizations, today announced that it has earned recognition as a Certified B Corporation by B Lab, a nonprofit organization dedicated to building a community of socially responsible businesses. The bank is one of six financial institutions across the country to achieve B Corp status.
Certified B Corporations meet higher standards of social and environmental performance, transparency and accountability. Capital Pacific Bank joins more than 900 Certified B Corporations from over 60 industries and 32 countries, representing a diverse multi-billion dollar marketplace.
"Companies that value their people, their clients, their communities and the environment, as well as their shareholders, are inherently more successful and profitable over the long term, which helps us build a more successful institution," said Mark Stevenson, president and CEO, Capital Pacific Bank. "As a B Corp, we look forward to growing in our sustainable practices and sharing solutions with our peers and clients to make a bigger impact on the business, social and environmental fabric of our community."
Founded in 2003, the bank has earned several awards and recognition for its sustainability efforts including a 2012 BEST Award from the City of Portland, and has been named to the list of Top 100 Green Companies to Work for in Oregon by Oregon Business Magazine for three years in a row.
"As a wholly-owned subsidiary of a publicly-traded company, we needed and received the full support of our holding company's board of directors to finalize our application," said Stevenson. "They understand that the principles of a B Corp are consistent with our core mission and values. And, that they reflect a commitment to good business practices that is important to Oregonians. This recognition enhances our ability to attract and retain clients and broaden our investor appeal -- all of which adds value to shareholder returns."
More details about Capital Pacific Bank's decision to become a Certified B Corporation will be available at the Capital Pacific Bancorp annual meeting on April 22, 2014. View Capital Pacific Bank's B Corps profile at www.bcorporation.net.
About Capital Pacific Bancorp
Capital Pacific Bancorp (OTCQB: CPBO) is the parent company of Capital Pacific Bank, which provides comprehensive banking expertise to businesses, professionals and nonprofit organizations. Backed by a tradition of high touch customer service, Capital Pacific Bank delivers a full array of products and services and advanced technology solutions to help businesses meet their financial goals. For more information on Capital Pacific Bancorp or to see past press releases, visit www.capitalpacificbank.com.
About B Corp
Certified B Corporations meet rigorous standards of social and environmental performance, legally expand their corporate responsibilities to include consideration of stakeholder interests, and build collective voice through the power of the unifying B Corporation brand. As of January 2014, there are more than 900 Certified B Corporations from over 60 industries and 32 countries, representing a diverse multi-billion dollar marketplace.
About B Lab
B Lab is a nonprofit organization that serves a global movement to redefine success in business so that all companies compete not only to be the best in the world, but the best for the world. B Lab drives this systemic change through a number of interrelated initiative: 1) building a community of Certified B Corporations to make it easier for all of us to tell the difference between "good companies" and good marketing; 2) passing legislation to accelerate growth of social entrepreneurship and impact investing (20 states have already passed benefit corporation legislation); 3) developing B Analytics, a customizable platform for measuring, benchmarking, and reporting on impact 4) providing free, powerful tools for businesses to measure, compare and improve their social and environmental performance (more than 15,000 businesses use B Lab's free B Impact Assessment). For more information, visit www.bcorporation.net, http://b-analytics.net/ and http://benefitcorp.net/.