Becoming a B Corporation
A message from our President & CEO,
Benefit (B) Corporation
While mutuality has been the core component in shaping the culture of Piscataqua Savings Bank, it is often difficult to explain to the public how mutuality works and why the Bank is different from other financial institutions. Being owned by our customers allows us to focus our attention more on customers and community, instead of shareholder value and profit. This focus is the driving factor in the Bank’s culture and the basis of the Bank’s reputation for outstanding customer service and doing right by our customers, community and employees. So, how do we explain what makes us different from other financial institutions? Our Board of Trustees determined the answer was for the Bank to become a certified Benefit (B) Corporation.
B Corporations are businesses that are legally required to consider the impact of their decisions on their customers, community, workers and environment, much like a mutual savings bank. B Corporations are certified by a third party, B-Lab, to very rigorous standards to assure that the company is doing right for all stakeholders. We joined with 2,800 other businesses from around the world that are certified B Corporations to demonstrate to the community that Piscataqua Savings Bank meets the high standards of a B Corporation.
Becoming a B Corporation will not change the Bank’s status as a state-chartered mutual savings bank, but instead provides a certification that complements the Bank’s mission of serving the Seacoast community; assuring that the Board of Trustees and management consider all stakeholders in every decision we make.
This certification provides a distinction from other financial institutions in a very homogeneous industry. Being a B Corporation will aid in attracting customers aligned with our business model and culture. The certification will also benefit the Bank in attracting quality employees that want to work for a company that shares their values of customers and community first, before profits and shareholder value.
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