Safe Harbor Financial Partners with Five Star Bank to Create a Potential Billion-Dollar Growth Opportunity for Cannabis Banking
11 Mai 2023 - 1:30PM
SHF Holdings, Inc., d/b/a/ Safe Harbor Financial ("Safe Harbor")
(NASDAQ: SHFS), a leader in facilitating financial services
and credit facilities to the regulated cannabis industry, and Five
Star Bank, a New York-based subsidiary of Financial Institutions,
Inc. (NASDAQ:FISI), are partnering to expand crucial access to
cannabis banking nationwide.
Safe Harbor’s fintech platform provides a single
point of access for commercial deposit bank accounts, access to
payment services and treasury management for licensed cannabis
businesses through its network of partner financial institutions.
Backed by Five Star Bank’s ability to dedicate up to $1 billion in
deposit capacity through its relationship with Safe Harbor,
cannabis businesses of all sizes will be afforded greater access to
credit facilities along with a robust suite of cannabis banking
services. The collaboration will also enable multi-state operators
to consolidate their financial operations and realize normalized
commercial banking services.
“Safe Harbor Financial is a strong, reliable
fintech partner with deep domain expertise,” said Sean Willett,
Chief Administrative Officer of Five Star Bank. “The Safe Harbor
team’s dedication to their clients and their track record of
processing over $18 billion in compliant cannabis deposit
transactions through partner financial institutions align perfectly
with our focus on empowering the next wave of financial technology
companies and the affinity groups they serve.”
Sundie Seefried, CEO of Safe Harbor, commented,
“This partnership expands our capacity to accept up to an
additional $1 billion in cannabis-business related deposits and
enables us to deliver the most robust and affordable cannabis
banking solution available. Five Star Bank’s commitment to fintech
enablement uniquely positions Safe Harbor to increase our capacity
and continue our national expansion plan.”
About Safe Harbor Financial
Safe Harbor is among the first service providers to offer
compliance, monitoring and validation services to financial
institutions, providing traditional banking services to cannabis,
hemp, CBD, and ancillary operators, making communities safer,
driving growth in local economies, and fostering long-term
partnerships. Currently managing more than 1000 cannabis-related
relationships, Safe Harbor, through its financial institution
clients, implements high standards of accountability, transparency,
monitoring, reporting and risk mitigation measures while meeting
Bank Secrecy Act obligations in line with FinCEN guidance on
cannabis-related businesses. Over the past eight years, Safe Harbor
has facilitated more than $18 billion in deposit transactions for
customers with operations spanning over 40 states and US
territories with regulated cannabis markets. For more information,
visit www.shfinancial.org.
About Financial Institutions, Inc. and
Five Star BankFinancial Institutions, Inc. (NASDAQ: FISI)
is an innovative financial holding company with approximately $6.0
billion in assets offering banking, insurance and wealth management
products and services through a network of subsidiaries. Its Five
Star Bank subsidiary provides consumer and commercial banking and
lending services to individuals, municipalities and businesses
throughout Western and Central New York and its Mid-Atlantic
commercial loan production office serves the Baltimore and
Washington, D.C. region. SDN Insurance Agency, LLC provides a broad
range of insurance services to personal and business clients, while
Courier Capital, LLC offers customized investment management,
financial planning and consulting services to individuals and
families, businesses, institutions, non-profits and retirement
plans. Learn more at five-starbank.com and
FISI-investors.com.FORWARD LOOKING
STATEMENTSCertain statements contained in this press
release constitute "forward-looking statements'' within the meaning
of federal securities laws. Forward-looking statements may include,
but are not limited to, statements with respect to trends in the
cannabis industry, including proposed changes in U.S and state
laws, rules, regulations and guidance relating to Safe Harbor's
services; Safe Harbor's growth prospects and Safe Harbor's market
size; Safe Harbor's projected financial and operational
performance, including relative to its competitors; new product and
service offerings Safe Harbor may introduce in the future; the
ability to facilitate deposits; the impact of recent volatility in
the capital markets, which may adversely affect the price of the
Company's securities; the outcome of any legal proceedings that may
be instituted against Safe Harbor; other statements regarding Safe
Harbor's expectations, hopes, beliefs, intentions or strategies
regarding the future; and the other risk factors discussed in Safe
Harbor's filings from time to time with the Securities and Exchange
Commission. In addition, any statements that refer to projections,
forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are
forward-looking statements. The words "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intends," "outlook,"
"may," "might," "plan," "possible," "potential," "predict,"
"project," "should," "would," and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are subject, are subject to risks and
uncertainties. These forward-looking statements involve a number of
risks and uncertainties (some of which are beyond the control of
Safe Harbor), and other assumptions, that may cause the actual
results or performance to be materially different from those
expressed or implied by these forward-looking statements.
CONTACTS
Safe Harbor Financial - Media
Nick Callaio, Marketing
Manager720.951.0619Nick@SHFinancial.org
Safe Harbor Financial - IRMattio
Communicationsir@mattio.com
Five Star BankKate Croft, Director of Investor
& External Relations716.817.5159klcroft@five-starbank.com
Financial Institutions (NASDAQ:FISI)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Financial Institutions (NASDAQ:FISI)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024