Portsmouth, NH- April 14, 2023- Piscataqua Savings Bank is proud to announce that it has been recertified as a B CorporationTM (B CorpTM), furthering the Bank’s commitment to operating as a “business for good”.
The B Corp movement, established to help companies balance profit with purpose, is growing rapidly. Today, there are more than 6,000 ccertified B Corps worldwide. To become a Certified B Corporation, companies undergo a rigorous review of the impact of their operations and business model on their workers, customers, communities and environment. They must meet a minimum verified score on the B Impact Assessment. Piscataqua Savings Bank was first certified as a B Corp in May 2019, only the second bank in the state of New Hampshire to do so. Other well known B Corps are Stonyfield Farms, Cabot Creamery, Ben & Jerry’s, King Arthur Flour and Patagonia.
B Corps are required to recertify every three years. According to B Lab, the nonprofit who is responsible for administering the B Corp verification process, the recertification process is a chance for B Corps to reassess and measure their impact every three years and measure further progress in building a more sustainable and equitable world.
Piscataqua Savings Bank’s B Impact Score after recertification is 97.1, over 16 points above its original certification score in 2019. According to Tony Cabral, Piscataqua’s B Corp Officer, this improvement was due to the fact that the Bank learned so much along the way when first going through the B Corp certification process.
When asked about the importance of B Corp certification, Cabral said, “My takeaway is that becoming a B Corp is an extremely rigorous process. If a business is willing to put in the time and effort that is required to become one, that’s a business that is running with these important questions and values at its heart.”
Piscataqua Savings Bank has long operated with the principles of the B Corp movement in mind. For almost 150 years, they have been committed to their core values of quality service and competitive products provided in a manner consistent with sound and prudent banking practices.
When asked about the importance of B Corp certification to the bank, President Joan Gile said, “Because we are a Mutual Savings Bank, we are able to base our decisions on what is best for our customers, our community, our employees, and our environment and not on shareholders’ earnings. The B Corp Certification is a natural fit and makes us accountable for keeping people and planet before profit. We have operated this way since 1877.”
About Piscataqua Savings Bank
Piscataqua Savings Bank, based in Portsmouth, NH, is a mutual savings bank dedicated to providing financial services and support to members of the Portsmouth community since 1877. We are focused on helping individuals and families reach their goals while seeking every opportunity to provide outstanding service. As a certified B Corporation, we are committed to our values and improving the lives of our customers as well as our fellow Seacoast citizens.