Main Street Bank
“Main Street Bank was originally formed when two locally owned community banks, Marlborough Savings Bank and North Middlesex Savings Bank joined forces in 2017. Both financial institutions have been proudly serving and supporting the MetroWest and North Central Massachusetts communities since 1860 and 1885, respectively. “
- website: https://www.bankmainstreet.com/
Cannabis Banking Services
Convenient banking for your business, Main Street Cannabanking is secure and efficient account management for cannabis businesses.
States Served:
- Massachusetts
Official cannabis banking page: https://www.bankmainstreet.com/business/main-street-cannabanking/
Media coverage:
- Worcester Business Journal: Five years after adult-use dispensaries opened, Mass. cannabis businesses have more banking options
One of the institutions that has jumped into the cannabis space is Marlborough-based Main Street Bank, which has 25-30 cannabis business clients. The bank waited until 2019 to get into the space. Making sure existing customers and employees were comfortable with the move was a key factor, according to Renee Jaworek, vice president of MSB’s bank secrecy act department, which handles cannabis transactions.
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).