Independent Banker - October 2022 - 28

PORTFOLIO
Neil Zick, president
and CEO of Twin City
Bank, helped Tim
Norris obtain financing
to start The Link
Cannabis Co.
◎FOCUS BANKING
Cannabis banking:
Community banks'
stories
While the legal status of banking cannabis-related businesses remains
fuzzy at the federal level, community banks in some states are finding
that, with proper controls, they're able to enter this niche market and
offer banking services to these local businesses. By Judith Sears
hen Oklahoma legalized the
sales of cannabis for medicinal
purposes in 2018, executives of
$550 million-asset Blue Sky Bank in
Tulsa, Okla., decided to take a close
look at that market. " We realized that
the cannabis industry wasn't going to
leave the state, " says Brian Schneider,
W
CEO of the community bank. " We
want to serve our community and
provide banking services to the
industries here. "
It's a strategy that an increasing
number of community banks are
embracing. " We're here to serve
the diverse needs of a variety of
customers, " says Chris Hartman,
chief deposit offi cer for $1.3 billionasset
Cogent Bank in Orlando,
Fla., which banks cannabis-related
businesses (CRBs). " This is an
underserved market, and we believe
it will continue to grow. "
However, the ambiguous legal
landscape complicates compliance;
47 states, the District of Columbia
and four U.S. territories have
legalized marijuana in some
form, but it remains a Schedule 1
Controlled Substance at the federal
level. That has made many banks
wary of this niche.
In the absence of explicit federal
guidelines, banks and regulators
follow the 2014 FinCEN guidance
and the Cole Memo guidelines
published under the Obama
administration. In practice, explains
Neil Zick, president and CEO
of $75 million-asset Twin City
Bank in Longview, Wash., which
began banking CRBs in 2014, the
26 Q ICBA Independent Banker Q October 2022
Photo: Susan Seubert

Independent Banker - October 2022

Table of Contents for the Digital Edition of Independent Banker - October 2022

Table of Contents
Independent Banker - October 2022 - Intro
Independent Banker - October 2022 - Cover1
Independent Banker - October 2022 - Cover2
Independent Banker - October 2022 - Table of Contents
Independent Banker - October 2022 - 2
Independent Banker - October 2022 - 3
Independent Banker - October 2022 - 4
Independent Banker - October 2022 - 5
Independent Banker - October 2022 - 6
Independent Banker - October 2022 - 7
Independent Banker - October 2022 - 8
Independent Banker - October 2022 - 9
Independent Banker - October 2022 - 10
Independent Banker - October 2022 - 11
Independent Banker - October 2022 - 12
Independent Banker - October 2022 - 13
Independent Banker - October 2022 - 14
Independent Banker - October 2022 - 15
Independent Banker - October 2022 - 16
Independent Banker - October 2022 - 17
Independent Banker - October 2022 - 18
Independent Banker - October 2022 - 19
Independent Banker - October 2022 - 20
Independent Banker - October 2022 - 21
Independent Banker - October 2022 - 22
Independent Banker - October 2022 - 23
Independent Banker - October 2022 - 24
Independent Banker - October 2022 - 25
Independent Banker - October 2022 - 26
Independent Banker - October 2022 - 27
Independent Banker - October 2022 - 28
Independent Banker - October 2022 - 29
Independent Banker - October 2022 - 30
Independent Banker - October 2022 - 31
Independent Banker - October 2022 - 32
Independent Banker - October 2022 - 33
Independent Banker - October 2022 - 34
Independent Banker - October 2022 - 35
Independent Banker - October 2022 - 36
Independent Banker - October 2022 - 37
Independent Banker - October 2022 - 38
Independent Banker - October 2022 - 39
Independent Banker - October 2022 - 40
Independent Banker - October 2022 - 41
Independent Banker - October 2022 - 42
Independent Banker - October 2022 - 43
Independent Banker - October 2022 - 44
Independent Banker - October 2022 - 45
Independent Banker - October 2022 - 46
Independent Banker - October 2022 - 47
Independent Banker - October 2022 - 48
Independent Banker - October 2022 - 49
Independent Banker - October 2022 - 50
Independent Banker - October 2022 - 51
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Independent Banker - October 2022 - 58
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Independent Banker - October 2022 - 60
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Independent Banker - October 2022 - 67
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Independent Banker - October 2022 - 71
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Independent Banker - October 2022 - 73
Independent Banker - October 2022 - 74
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Independent Banker - October 2022 - 77
Independent Banker - October 2022 - 78
Independent Banker - October 2022 - Cover3
Independent Banker - October 2022 - Cover4
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