(OAKLAND, CALIFORNIA) - Beneficial State Bank Workers - represented by Communications Workers of America (CWA) Locals 9412 and 7901, have overwhelmingly ratified their second contract agreement with the West Coast-based Bank, signaling a significant victory for Workers who are fighting to improve workplace conditions at some of the country’s largest Banks and Financial Institutions.

The agreement covers all titles in the Bargaining Unit, including Bankers, Consumer Loan Servicing Representatives, Loan Processors, Underwriters, File Clerks and Custodial Staff based in California, Oregon and Washington.

Beneficial State Bank - a State-chartered, Federally-insured 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.

CWA Local 9412 Bargaining Committee Member and Beneficial State Bank Commercial Banking Associate Michele Hunt said: “Ratifying a second contract is a huge win for us. In a time when so many Workers are facing uncertainty, we’re proud that we secured continued improvements to our wages and benefits with no givebacks. Our contract has helped us hold Beneficial State Bank accountable to the Workers who keep this Bank running.”

The three-year contract: Secures an average 9% general wage increase in 2026 for non-exempt Workers; Wins a new $2.50 wage differential for Spanish language, which will benefit approximately 15% of Union Members; Has no increase in the cost of health coverage for the life of the agreement (beyond projected plan increases capped at 15% per year); Increases the employer match to the 401(k) contributions up to 6%; Increases Paid Time Off; and Adds a one-time average lump sum bonus of $4,805 for most Members.

Nick Weiner, Senior Campaign Lead for CWA’s Committee for Better Banks Campaign, said: “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 collective bargaining can succeed in this industry. Beneficial State Bank’s example proves that Banks can thrive while empowering their employees.”

Beneficial State Bank CEO Randell Leach said: “We're proving Banks don't have to choose between profitability and Worker empowerment - they can and should pursue both. This contract reflects not only our commitment to Employee well-being, 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.”

In 2021, Beneficial State Bank Workers ratified a historic contract after a 40-year period without any new Collective Bargaining Agreements in the industry, joining hundreds of Workers at other Banks and Credit Unions who are making inroads in one of the least organized sectors in America - including organizing efforts at the Genesee Co-op Federal Credit Union and at Wells Fargo, the first of its kind at a major Bank in the United States.

More than 29 Wells Fargo Branches have formed Unions with CWA, including their Conduct Management Intake Department.

The Committee for Better Banks, the only independent voice for Front-Line Bank Employees, comprises Bank Workers, Community and Consumer Advocacy Groups, and Labor Organizations coming together to improve conditions in the Banking Industry.

Committee for Better Banks Members include current and former Employees of Banks and Credit Unions across the country, including Beneficial State Bank, Wells Fargo, U.S. Bank, Santander, Citibank and Bank of America.

The CWA represents Members employed in Telecommunications, Customer Service, Media, Airlines, Health Care, Public Service and Education, Manufacturing, Tech and other fields.

For More On This Labor News Report, Go To: Beneficial State Bank Workers Ratify Second Union Contract with CWA | Communications Workers of America