Hemp and CBD Friendly Banks
One of the hardest hurdles to starting and maintaining a hemp and CBD business is the right banking partner.
Finding and partnering with a Hemp and CBD-friendly Bank or Credit Union may seem like it is just a checkbox task that needs to happen in the long list of things that you need to do to start a Hemp CBD business, but it’s an important decision. You need to pick a bank or credit union that has your back, will not leave you high and dry, and someone you can rely on to accept money on your behalf.
We get questions and comments all the time regarding recommending a new bank. This is why we have compiled a list of banks and credit unions that are friendly and happy to work with hemp / CBD businesses based on input from our partners and customers.
We recommend partnering with a small regional state bank or credit union as opposed to a national bank; however, if treasury management, sending wire transactions online, accepting and sending ACH, among other capabilities is a must then national banks will have to be used.
You will note that Wells Fargo, Chase, and Bank of America are not on the list. This is purposely done because even if a branch manager or someone you know promises and gives you a checking account from one of these large national banks, chances are you will probably get kicked out. We have not had this happen to us, but we have fielded and listened to lots of horror stories. Don’t tell us we didn’t warn you.
We will work on growing this list, but here is a start. Please leave us a comment if you recommend a friendly hemp CBD bank if your area.
National Banks
| First Citizen Bank firstcitizens.com Rick (rick.adyniec@firstcitizens.com) Timmie Jo (Timmie.Brown@firstcitizens.com) |
| HERRING BANK www.HerringBank.com Andrew Escamilla (AESCAMILLA@herringbank.com) |
| West Town Bank https://www.westtownbank.com/ |
| Bank of the West https://www.bankofthewest.com/ Required ~200K balance |
Regional Banks, State Banks and Credit Unions
| Bank | State | |
| Home Bank of Arkansas https://www.homebankofar.com/ | Arkansas | |
| Patelco Credit Union https://www.patelco.org/ | California | |
| BNB Bank / Dime https://www.dime.com/ | New York | |
| PenFed Credit Union https://www.penfed.org/ | Virginia, North Carolina | |
| Keystone Bank https://www.keystone.bank/ | Texas, Colorado | |
| TFNB https://www.tfnbtx.com/ | Texas | |
| Oklahoma State Bank https://www.osbbank.com/ | Oklahoma | |
| Northwest Credit Union https://www.nwcu.com/ | Oregon | |
| South West Capital Bank https://www.southwestcapital.com/ | New Mexico | |
| First Citizens summer.held@firstcitizens.com | Florida | |
https://www.svb.com/ | California | |
| North Bay Credit Union https://www.northbaycu.com/ | California | |
| MAPS Credit Union https://www.mapscu.com/ | Oregon | |
| Salal Credit Union https://www.salalcu.org/ | Washington, Oregon | |
| Timberland Bank https://www.timberlandbank.com/ | Washington | |
| Partner Colorado CU https://www.partnercoloradocu.org/ | Colorado | |
| First Midwest Bank (now Old National Bank) — this bank will require a mature, higher revenue business https://www.firstmidwest.com/ | Illinois, Kentucky, Indiana | |
| Florida Capital Bank https://www.floridacapitalbank.com/ | Florida | |
| Blue Ox Credit Union https://www.blueoxcu.org/ | Michigan | |
| Bank Michigan https://www.bankmichigan.bank/ | Michigan | |
| Credit Union 1 https://www.creditunion1.org/ | Wisconsin | |
| Customer’s Bank https://www.customersbank.com/ | Pennsylvania | |
| TFNBTX https://www.tfnbtx.com/ | Texas | |
| First Federal Bank https://www.ffbf.com/ | Florida | |
| Cogent Bank https://cogentbank.com/ | Florida | |
| HERRING BANK www.HerringBank.com Andrew Escamilla (AESCAMILLA@herringbank.com) | Texas, Colorado | |
| Regent Bank https://www.regent.bank/ | Texas, Oklahoma, Missouri | |
| Bay Coast Bank https://baycoast.bank/ | Massachusetts, Rhode Island | |
| Affinity Credit Union https://www.affinityfcu.com/ | New York, New Jersey, Connecticut |
