First Federal Bank

“Over the last 60 years, First Federal Bank has grown from a local savings and loan institution in Live Oak, Florida, to a multi-faceted bank spanning parts of Florida, Georgia, the Carolinas and Wisconsin. With assets of approximately $3.8 billion and daily liquidity up to $1 billion, we are one of the country’s few community-based mutual banks. Being owned mutually by our depositors, and not shareholders, means we are more responsive to our highly diversified consumer and commercial clients.

We are honored to be named Newsweek’s Best Small Bank in Florida for the third year in a row. We have established ourselves as a community and economic partner, investing our time and energy into the markets we serve with charitable giving and volunteering efforts.”

website: https://www.ffbf.com/

Cannabis Banking Services

Whether you touch the plant or work as an ancillary business, we are a transparent cannabis, hemp, and CBD friendly bank ready to help you. Our goal is to work as efficiently and diligently as possible to make banking with us hassle free. We have a dedicated team to work directly with you, making opening an account as streamlined as possible. To ensure you have what you need to succeed in this growing space we offer a comprehensive suite of banking resources:

Committed dedicated team
Online banking tools
Robust compliance
Business deposit accounts

States Served:

Nationwide

Official cannabis banking page: https://www.ffbf.com/business/specialty-banking

Media coverage:

Financial Regulation News: Trulieve closes on financing, announces opening of new medical cannabis dispensaries
- “The cannabis industry is an important and complex sector with a significant presence in Florida. We are honored to offer deposit and lending solutions, and particularly this loan to facilitate Trulieve’s growth,” John Medina, president and CEO of First Federal Bank, said.
Business Observer: Bankers seek to get foothold in medical marijuana industry
- First Federal currently has about 650 cannabis and hemp-related business accounts. The clients are broken into tiers, says Dana Chaves, senior vice president and director of specialty banking services at First Federal. The first tier are companies that touch marijuana at some point in the supply chain, from cultivators to labs to dispensaries. The second tier, such as software providers, ad agencies and payment processors, provide products and services to the first tier.

FDIC or NCUA Insured?

Yes (FDIC link).

FDIC certificate number: 31313
FDIC insured since: 08/09/1989

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).

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