CWA Members at Beneficial State Bank Ratify Second Contract

CWA members represented by Locals 9412 and 7901 have overwhelmingly ratified a second contract with Beneficial State Bank, covering bankers, consumer loan servicing representatives, loan processors, underwriters, file clerks, and custodial staff based in California, Oregon, and Washington.

In 2021, workers ratified a first contract after the industry went 40 years without any new collective bargaining agreements. With this new contract, members secured an average 9 percent general wage increase in 2026, won a new $2.50 wage differential for Spanish-language workers, and added a one-time average lump sum bonus of $4,805 for most members in the bargaining unit.

“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,” said CWA Local 9412 bargaining committee member and Beneficial State Bank Commercial Banking Associate Michele Hunt. “Our contract has helped us hold Beneficial State Bank accountable to the workers who keep this bank running.”