Salal Credit Union
“We’re a grassroots financial co-op driven by the belief that together, we can have a bigger impact on our financial well-being, our neighborhoods, and our environment. Since 1948, we’ve worked to eliminate financial obstacles and help everyday visionaries realize their potential. This drive has led us to take on new challenges—like becoming a national leader in banking services for the cannabis industry or making solar power affordable for over 5,200 households and businesses in 2022.”
- website: https://www.salalcu.org/
Cannabis Banking Services
“In the complex and ever-changing world of cannabis banking, experience really does matter. Since 2014, Salal Credit Union has been a national leader in providing financial services for the licensed and regulated cannabis industry. For a cannabis business, it pays to bank with a credit union that understands the unique challenges faced by your industry. Our dedicated business services team develops checking and savings solutions tailored to meet the unique needs of your business, with experienced and responsive support to keep your company moving forward. “
States Served:
- Arizona; California; Colorado; Illinois; Massachusetts; Michigan; Nevada; Oregon; Washington
Official cannabis banking page: https://www.salalcu.org/business/cannabis-industry-banking/
Media coverage:
- Puget Sound Business Journal: How this credit union became the banker for more than 270 Washington cannabis businesses
- Despite its relatively small size, the Seattle-based institution has been a leading financial services provider in the state cannabis industry for years. Salal Credit Union doesn’t run from a little uncertainty. The Seattle-based credit union, which was founded in 1948, has just over $1 billion in total assets, according to Brett Ballman, vice president of member business services at Salal. Despite its relatively small size, the credit union provides services to roughly 272 licensed and ancillary cannabis businesses in Washington state.
- Podcast: Cannabis Law Now Podcast: Cannabis Banking from the Inside: An Interview with Salal Credit Union
- In this episode, Husch Blackwell’s Hilary Bricken interviews Brett Ballman and Karen Petrick of Salal Credit Union as they take listeners through the ins and outs of cannabis banking under the FinCEN guidelines and also discuss how certain states differ from others in their approach to cannabis banking. Brett and Karen also explore how federal reform will impact their cannabis industry banking customers and what they see on the horizon for the cannabis banking industry.
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).