MarketPR
Columbia Bank, a subsidiary of Tacoma, Washington-based Columbia Banking System (Nasdaq: COLB), has announced a partnership with public benefit corporation ForgiveCo to eliminate $5 million in medical debt owed by veterans in Southern California.
The initiative is timed to mark America's 250th anniversary and represents one of the bank's largest publicly disclosed community relief commitments.
The Program Structure ForgiveCo, organized as a public benefit corporation, is Columbia Bank's operational partner in the effort.
Public benefit corporations carry a legal mandate to pursue social goals alongside financial returns, a structural feature that distinguishes them from conventional for-profit vendors.
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