Shore United Bank
“Shore United Bank is a full-service community bank with a rich history dating to 1876. We offer innovative banking with the personal touch you expect from a community bank. We are built around the character of our people and committed to the success of our clients, communities, employees, and shareholders.”
- website: https://www.shoreunitedbank.com/
Cannabis Banking Services
“We strive to become a flexible partner and a trusted source for deposit accounts, loans and cash management services. Shore United also provides financial solutions for hemp and CBD companies, as well as laboratories and other businesses that support the industry.”
States Served:
- Arizona; California; Colorado; Connecticut; Delaware; Georgia; Illinois; Massachusetts; Maryland; Michigan; Missouri; New Jersey; New Mexico; New York; Ohio; Pennsylvania; Virginia; West Virginia
Official cannabis banking page: https://www.shoreunitedbank.com/business/banking/cannabis-banking
Media coverage:
- The Daily Record: Federal banking rules make funding Md. cannabis industry tricky
Even for the increasing number of banks relatively unconcerned about threats to their FDIC insurance and emboldened by the Justice Department’s 2013 policy change narrowing the scope of cannabis enforcement, banking the cannabis industry means they must commit the necessary resources to comply with rigorous federal reporting requirements. Banks must fill out regular Suspicious Activity Reports detailing all activity that could be related to a crime or controlled substance. “I’m not exactly sure how many (SARs) are filed (per month), but a lot,” said Alan Hyatt, chairman of Shore United Bank, which works with licensed medical cannabis operators in Maryland.
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).