Ponce Bank

Ponce Bank was founded in 1960 by migrants from Puerto Rico in the Bronx, at a time when, the bank says, many lenders were leaving the borough. It describes itself as a certified Minority Depository Institution and has earned designation as a Community Development Financial Institution, which it ties to investing more than 75% of its loans in the communities it serves. Ponce Bank, N.A. is an FDIC member and an SBA lender. The cannabis page does not name the team that runs the program, and the pages read for this listing do not state a headquarters address.

The cannabis program serves dispensaries, cultivators, processors, wholesalers, distributors, testing labs and hemp businesses. It offers a pre-licensed cannabis checking account for businesses still seeking a state license and a licensed account for state-licensed operators. Cash management includes courier cash services, in which secure transport vehicles collect cash and checks at the business, plus ACH credit origination, domestic wires, positive pay fraud protection and merchant services for accepting customer payments. Ponce says it partnered with Green Check, listed in this category, for document tracking, renewal reminders and risk monitoring on cannabis accounts.

Businesses schedule a consultation through the cannabis banking page. Ponce Bank does not publish cannabis account fees. The page does not list the states it serves, and the bank's history and community focus are rooted in the Bronx, so New York operators, including those still in the licensing process, are the clearest fit. The bank's SBA and commercial lending pages describe general business products, and the cannabis page does not say whether that lending extends to cannabis accounts.