What is a B Corp?

author imagePosted by Mascoma Bank on January 29, 2020

In 2016, Mascoma Bank started the process of becoming a Certified B Corporation®, and two years later we celebrated the completion of this process and our official status as a B Corp.

But what exactly is a B Corp?

Certified B Corporations are a new kind of business that balances purpose and profit. They are legally required to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment. This is a community of leaders, driving a global movement of people using business as a force for good.

For Mascoma Bank, this means:

  • We strive to be a force for positive change, creating benefit for all our stakeholders—not just shareholders.
  • We conduct business knowing that people and place matter, aspiring both to do no harm and to benefit all.
  • We recognize our INTERdependence, because we are dependent on and responsible for each other as well as future generations.
  • We are not just any other bank, and we will continue to change and grow to better serve the world around us.
  • We are not afraid to do things differently and we constantly strive to do things better.
  • We make the change we seek happen and we invite everyone to be part of this future.

The decision to become a B Corp was an easy one on some levels and very challenging in others—we have always tried to be a force for good in the communities we serve. Going through the formalized, two-year process to become an official B Corp was the next logical step. But, at the same time, very few banks had ever become B Corps, and so Mascoma Bank is very much a pioneer in this regard.

As a B Corp, we are accountable for setting and reaching goals that improve our environment, our communities, our infrastructure, and our corporate culture. We strive toward specific milestones and track our progress to ensure all actions and decisions are in line with the B Corp philosophy. Every year, we report our progress in an Impact Report that shows the B Lab—and our partners and customers—that we continue to improve the way we do business.

For Mascoma Bank, in many ways, becoming a B Corp was a natural extension of what we have always been—a bank chartered to serve the needs of our communities. Now, we simply take that commitment even further. We’re excited to see where this venture takes us and are honored to have you along on the journey.

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