Cannabis Banking Map

Five County Credit Union

“Five County Credit Union was founded by the employees of Bath Iron Works in 1956 and was then known as the “BIW Employees Federal Credit Union”.  In 1993, the credit union converted to a state charter, and our name was changed to “BIW Five County Credit Union”.  In July 2001, our name was further streamlined to “Five County Credit Union” to more accurately reflect our community field of membership. In 2006, our charter was expanded to allow us to serve three more counties. In June of 2023 our charter was expanded to add four additional counties. Five County Credit Union’s current field of membership includes those who live, work, or worship in the counties of Androscoggin, Cumberland, Franklin, Kennebec, Knox, Lincoln, Oxford, Penobscot, Piscataquis, Sagadahoc, Somerset, Waldo County. “

Cannabis Banking Services

States Served:

  • Maine

 

Official cannabis banking page: NA

 

Media coverage: 

  • Portland Press Herald: One thing Maine’s legal pot industry can’t bank on: Support of financial institutions
    • In Maine, only one financial institution – Portland-based cPort Credit Union – openly touts its willingness to work with cannabis companies, although there may be others that do so more discreetly. Bath-based Five County Credit Union used to market to cannabis businesses but stopped taking on new customers from that industry in early 2018 after former U.S. Attorney General Jeff Sessions signaled his intention to reverse an Obama-era policy of ignoring the legal cannabis industry.

FDIC or NCUA Insured?

Yes (NCUA link).

  • NCUA charter number: 67993
  • NCUA insured since: 01/04/1971

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).