Beneficial State Bank signs new Collective Bargaining Agreement with the Communications Workers of America, building on its historic labor relationship with employees

Mission-driven community bank continues to set example for the financial sector with higher wages, expanded benefits, and collaborative labor relations.

OAKLAND, Calif., Feb. 17, 2026—Beneficial State Bank, a mission-driven community bank serving California, Oregon, and Washington, has reached its second agreement with unionized employees represented by the Communications Workers of America (CWA). This extends the historic partnership that, in 2021, saw Beneficial State Bank workers establish the first union agreement in the financial sector in more than 40 years.

The new contract includes increased floor wages, enhanced employer contributions to 401(k) retirement plans, a wage premium for employees required to speak Spanish, and more robust sabbatical benefits for union members through September 2027. Beneficial State Bank prioritizes the economic wellbeing of its employees, offering exceptional benefits and above market rate floor wages. This is uncommon in the banking industry, where compensation remains low for frontline workers. According to the Bureau of Labor Statistics, the median hourly compensation for all bank tellers in 2023 was $18 per hour, whereas Beneficial State Bank pays over 1.4x that rate as its starting rate for all frontline workers.

"Being part of the bargaining team gave me a front-row seat to what real collaboration between workers and management looks like," said Michele Hunt, a Commercial Banking Associate at Beneficial State Bank's Oakland, California branch. "We came to the table as partners, and ultimately landed on terms that benefit everyone. The resulting agreement shows a continuing commitment from Beneficial State Bank to employees like me that we are a vital part of the bank's success, now and going forward.”

Beneficial State Bank remains the only unionized community bank in the United States, though recent years have seen growing interest in collective organizing among workers throughout the financial sector. While public support for labor unions remains high at 68%, the vast majority of American workers remain without union representation. In the financial sector, fewer than 1% of workers belong to a union.

“We're proving that banks don't have to choose between profitability and worker empowerment — they can and should pursue both,” said Randell Leach, CEO of Beneficial State Bank. “This contract reflects not only our commitment to employee wellbeing, but also our broader vision of an economy that restores our planet and extends prosperity to all. My thanks go to CWA and our internal champions who collaborated to reach this agreement. We hope our example continues to inspire conversations about worker empowerment throughout the financial services industry and beyond.”

“This contract not only improves wages, benefits and working conditions for union employees, but it also inspires bank workers across the country to rise up because it demonstrates that collective bargaining can succeed in this industry,” said Nick Weiner, Senior Campaign Lead for CWA’s Committee for Better Banks Campaign. “Beneficial State Bank’s example proves that banks can thrive while empowering their employees.”