Needham Bank has completed the transfer of its cannabis banking and money service businesses from Eastern Bank after receiving regulatory approvals.
Needham has also hired the cannabis banking team associated with the business offering, including Executive Vice President Paul Evangelista.
“We’ve spent the last couple of years analyzing the cannabis industry and the significant compliance and regulatory resources necessary to be successful,” Needham Bank President and Chief Executive Officer Joseph Campanelli said. “We’ve made a number of investments in our infrastructure and believe the addition of Paul and his team has made the transition as seamless as possible for this customer segment.”
Evangelista launched and led the cannabis banking strategy at Century Bank over the past nine years. Campanelli said Needham is looking forward to building new customer relationships while continuing to serve its communities.
The asset purchase agreement was announced on Jan. 14, 2022, and Needham received regulatory approvals in March 2022.
“It was a pleasure working with Needham Bank to finalize this transaction,” Chief Executive Officer and Chair of the Board of Eastern and Eastern Bank Bob Rivers said. “The cannabis banking customers are in good hands thanks to Needham Bank’s suite of products and cash management services, and I look forward to seeing these businesses thrive with their thoughtful approach to banking this specialized industry.”