CFG Bank
“Founded in 2009, CFG Bank has always done things differently than a traditional bank, and it is intentional. We think like business owners and have a no-limits attitude to help you reach your goals. We have the determination and drive to make change happen for the better and improve the lives of others.
Our unique, sole-ownership structure and entrepreneurial approach gives us a competitive edge to support your goals. We offer the same banking tools and level of expertise as larger banks, but take a personal approach to every interaction so we can create a customized solution to meet your needs.”
- website: https://www.cfg.bank/
Cannabis Banking Services
States Served:
- Nationwide.
Official cannabis banking page: NA
Media coverage:
- CBS: Maryland’s Attorney General wants banking restrictions that impact weed dispensaries changed
Windsor said he was eventually able to find a processing system that would let them accept credit cards, but the safer banking act would provide stability. “How long will that last? I have no idea,” said Windsor. “It’s a serious challenge constantly and we’re maneuvering however we can to try to creatively bank the money.” Windsor said some banks like CFG have figured out a way to work with cannabis businesses and he hopes more banks can do the same.
- Baltimore Sun: Baltimore’s CFG Bank has grown its own way, quadrupling in size in just a few years
- According to CEO Bill Wiedel, CFG’s loan portfolio is about 40% in health care and 20% in apartments, with the remainder being traditional banking services. CFG is one of the few Maryland banks working with the cannabis industry; the drug remains illegal federally. It is a growing segment, Wiedel said, but is less than 5% of its loan portfolio.
Bank Health Rating
DepositAccounts.com Rating: link
- DepositAccounts considers several health grade components:
- Texas Ratio (measuring bank credit risk);
- Texas Ratio trend;
- Deposit growth;
- Capitalization (difference between bank assets and liabilities).