Needham Bank completes transfer of cannabis banking business from Eastern Bank

Needham Bank in Massachusetts completed the transfer of cannabis banking and money service businesses from Boston-based Eastern Bankshares Inc. after receiving the necessary regulatory approvals.

With the transaction, Needham Bank, a subsidiary of NB Financial MHC, hired the cannabis banking team involved in the business offering, including Executive Vice President Paul Evangelista. Evangelista launched and led the cannabis banking strategy at Century Bank And Trust Co. (Medford MA), which Eastern acquired in November 2021.

Needham is subletting Eastern Bankshares' Medford branch at 400 Mystic Ave., Somerville, Mass., so customers can continue to bank in a familiar location, according to a press release.

The asset purchase agreement was announced in January, and Needham received the necessary regulatory approvals in March.