Dedham Savings
Dedham Savings is one of the oldest American banks still in operation and one of the oldest banks in the state of Massachusetts still doing business under its original charter. It is owned by the holding company 1831 Bancorp, which also owns South Shore Bank in Boston.
- website: https://www.dedhamsavings.com/
Cannabis Banking Services
“Dedham Savings offers special banking options and cash management services to licensed Cannabis-related businesses in Massachusetts. Our modern and accessible financial resources provide trusted, streamlined, and safe transactions systems to take your business to the next level. An added benefit is that we’re local and independent, with an in-depth understanding of the needs of businesses like yours in our communities.”
States Served:
- Massachusetts
Official cannabis banking page: https://www.dedhamsavings.com/business/cannabis-banking/
Media coverage:
- Boston Business Journal: Another Boston-area bank to serve marijuana businesses
“As a financially strong and independent community bank, Dedham Savings is uniquely positioned to meet the banking needs of businesses in this dynamic sector,” Dedham Savings CEO Peter Brown said in a statement. “We’ve committed significant resources, both human and technological, to ensure our (cannabis) clients get the attention their business needs and deserves.”
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).