Needham Bank Closes Cannabis Loan to Bostica, LLC

Bostica will use the financing to complete the construction of their 60,000-square-foot cannabis cultivation and manufacturing facility in Lynn, Massachusetts. Needham Bank also provided working capital to support Bostica’s operations.

Needham Bank Closes $24MM Credit Line with XS Financial

XS Financial Inc., a specialty finance company providing CAPEX and equipment financing solutions to cannabis companies in the United States, announced it has entered into a new $24 million line of credit (Credit Facility) with Needham Bank committing $20 million and acting as the administrative agent.

Anthony LaRosa, CPA, joins Needham Bank as Senior Vice President, Director of Accounting

Needham Bank announced that Anthony LaRosa joined the accounting department as Senior Vice President, Director of Accounting. Mr. LaRosa will report directly to Executive Vice President, Chief Financial Officer & Treasurer Danielle Walsh and perform complex accounting duties, review and prepare financial documents and improve accounting and investment functions.

Needham Bank Completes Transfer of Cannabis Banking Business from Eastern Bank

Needham Bank (“Needham”) and Eastern Bankshares, Inc. (“Eastern”) (Nasdaq Global Select Market: EBC), the stock holding company for Eastern Bank, announced today that Needham completed the transfer of the cannabis banking and money service businesses from Eastern after receiving the necessary regulatory approvals.

Lori Schofield joins Needham Bank as Vice President Residential Loan Officer

Needham Bank announced that Lori Schofield joined the Residential Lending team as vice president residential loan officer. Ms. Schofield will be responsible for originating first mortgage loans, promoting Needham Bank’s lending services to the real estate community, and helping to identify and serve the community’s financial needs through home loan counseling and real estate seminars.