Sunmark Credit Union
“The last 20 years have seen significant growth. In 1997, to reflect the broader member base, the Credit Union changed its name again with the help of our members – this time, to Sunmark. In 2002, Sunmark opened its doors to serve anyone living or working in Schenectady, Albany, Saratoga, and Rensselaer counties. In 2005, Sunmark added Montgomery and Schoharie counties to its community charter.
Effective January 1, 2020 Sunmark received final approval from federal and state regulators to convert from a federal to a state-chartered credit union. Additionally, a vote of the Sunmark membership was held and the conversion officially approved. Sunmark updated it’s name to Sunmark Credit Union. With the new State-charter, Sunmark expanded to Warren, Fulton, Columbia, Greene, Dutchess, Putnam, Rockland and Westchester Counties. Sunmark will also be able to serve persons that belong to a business or association that has signed up with Sunmark to make membership available to its employees or association members outside of New York State.”
- website: https://www.sunmark.org/
Cannabis Banking Services
“Sunmark Credit Union has been building relationships and providing exceptional service to business owners throughout New York state for over 25 years. With Sunmark’s Cannabis-Related Business program, we can serve our communities by supporting underbanked individuals and businesses, and small businesses that are entering this industry. “
States Served:
- New York
Official cannabis banking page: https://www.sunmark.org/cannabis-banking
Media coverage:
- Albany Business Review: Albany region credit union gears up for cannabis business banking as NY recreational sales start
But one of the toughest challenges these entrepreneurs will face is establishing a banking relationship. Most financial institutions turn customers away at the first mention of marijuana. That’s the big problem that Sunmark Credit Union is looking to solve, as one of the few financial institutions in the Albany region that will work with cannabis companies. The cannabis banking program at Sunmark is led by Jeff Miller, vice president of sales and business development for the credit union. Miller said Sunmark officially started the cannabis banking program 18 months ago and started to open what they’re calling “seedling accounts” five months ago.
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).