The takeover of Silicon Valley Bank (SVB) branches by First Citizens Bank could help hemp companies in a number of states where the North-Carolina-based regional bank previously had no presence.
With its purchase of the failed California bank’s assets last month, First Citizens adds branches in Arizona, Colorado, Illinois, Massachusetts, New York, Oregon, Pennsylvania, Texas, Utah, and Washington. First Citizens said the 17 newly-acquired branches in 15 states are now operating as “Silicon Valley Bank, a division of First Citizens Bank.”
First Citizens already has branches in North Carolina, South Carolina, Virginia, West Virginia, Tennessee, Maryland, Florida, Georgia, and California.
First Citizens did not confirm to HempToday that the acquired branches will offer services to hemp companies, but the bank describes itself as “hemp-friendly,” noting its market specialists “have a deep understanding of the financial challenges (stakeholders) face in the business of hemp.” The bank charges a $150 monthly compliance fee to hemp companies, and requires depositors and other customers to hold hemp licenses and adhere to regulations in the states where they operate, according to its website.
In addition to banking accounts, First Citizens offers credit cards and owner-occupied commercial real estate loans, and finances equipment and machinery needed by hemp operators.
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