Beneficial State Bank opens Santa Rosa office

Oakland-based Beneficial State Bank has recently opened up a Santa Rosa office to help expand multifamily housing efforts in Sonoma County.

Beneficial State is a community development bank founded by hedge fund manager and environmentalist Tom Steyer and his wife, Kat Taylor. It serves businesses, nonprofits and individuals, funneling profits to its foundation, which in turn supports community and environmental groups.

The bank in a statement said establishing a Sonoma County location was a natural progression given it’s “an epicenter for progressive socially, environmentally, and financially minded residents.” It has branches in Seattle and Portland, Ore., and a loan production office in Sacramento.

The bank’s entrance into the market comes as the county grapples with the lack of affordable housing, where more than four in 10 families live in apartments or rented homes and rental prices have increased 30 percent over the last three years.

As part of its expansion, it has hired Scott Affens as senior vice president for its multifamily division, after serving 16 years at Luther Burbank Savings. Brian Rose has joined as vice president, having 17 years of commercial real estate and business lending experience in the North Bay.