There are only a handful of banks and credit unions in Massachusetts that will work with cannabis businesses. Century Bank was the first and only bank to offer their services to Massachusetts medical marijuana dispensaries as early as 2013. In 2021 Century successfully merged with Eastern Bank.
Since then, Needham Bank has worked to receive all of the necessary approvals to take control of Eastern’s cannabis banking and money service businesses. The two banks received the regulatory approvals to complete the transfer in March of 2022. According to the press release Paul Evangelista will remain on staff as he launched and led the cannabis banking strategy at Century Bank for almost a decade.
Find more details on the Needham Bank announcement here: https://www.needhambank.com/about-us/news/needham-bank-completes-transfer-of-cannabis-banking-business-from-eastern-bank-1356