Needham Bank (Cannabis Banking)

Needham Bank is a full-service, FDIC-insured Massachusetts mutual bank that operates a dedicated cannabis banking division offering deposit accounts, cash management (collections, disbursements, remote/armored cash handling), acquisition and expansion financing, debt refinancing and syndication, standby letters of credit, and an automated compliance framework built around federal cannabis-banking guidance. It also extends personal banking (checking, mortgages, credit cards, HELOCs) to cannabis business owners and their employees, and serves operators in roughly 20 states where cannabis is medically or recreationally legal.

Needham Bank is headquartered in Needham, Massachusetts. Its cannabis banking unit traces to a team led by Paul Evangelista that the bank acquired from Eastern Bank in April 2022 (bringing roughly $500M in cannabis-related deposits and 600+ accounts); the bank now runs the program with a team of 30+ dedicated cannabis banking professionals.