Needham Bank
“For the last 130+ years, we’ve worked to help our communities grow and develop with best-in-class products and services that make it possible for anyone to dream, do, and build almost anything. Whether you’re building a business, a home, a nest egg, a career, a family, or a community, we’re excited to be your partner in bringing your vision to life. When the time is right, let’s build something together. We’ve been helping build strong communities since 1892 at a desk in the Needham Public Library. Now over 130 years later, we are serving customers in Greater Boston, MetroWest and beyond with the same steadfast community values we were founded on.”
- website: https://www.needhambank.com/
Cannabis Banking Services
We offer sophisticated banking services to dispensaries, cultivators, wholesalers, testing labs and CBD/Hemp businesses across the United States in a safe, secure and compliant way.
States Served:
- Nationwide and Native American & Tribal Owned
Official cannabis banking page: https://www.needhambank.com/business/cannabis-banking/
Media coverage:
- American Banker: Why Needham Bank is getting into cannabis banking
Needham Bank CEO Joe Campanelli sees the current state of cannabis banking as a Catch-22: Most banks and credit unions won’t work with legal dispensaries because they see them as high risk, but in Campanelli’s view, dispensaries are only high risk because most banks and credit unions won’t work with them. Taking deposits is a critical service in an industry that handles much of its business in cash, Campanelli said. Indeed, a decade after the first states legalized recreational use, marijuana providers continue to rely heavily on cash because most banks and credit unions refuse to accept them as customers. “It’s ironic,” Campanelli said. “Because of the discrepancies at the federal and state levels, you’re actually increasing the risk in the industry, not mitigating it … I personally believe the industry shouldn’t allow cash. It should all be debit or credit, so you have an audit trail.”
- PYMNTS: Needham Bank Buys Eastern Bank’s Cannabis Business
Massachusetts financial institutions Eastern Bank and Needham Bank have formed an asset purchase agreement that will see Eastern transfer its cannabis-related and money service business operations to Needham. “We have spent considerable time reviewing the cannabis banking operation and remain very impressed with how these businesses have been served,” Bob Rivers, Eastern’s CEO and board chair, said in a news release Friday (Jan. 14).
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).