The Florida bank started researching the business after Ken LaRoe, its chairman, saw how medical marijuana had helped his wife cope with a severe injury. First Green is now turning a profit a year after adding its first pot-related client.
It's not just big banks. Even U.S. community banks may be subject to the General Data Protection Regulation given the boundlessness of digital commerce.
The Massachusetts company hired banking veteran Mark Thompson, who recently scrapped an effort to buy a struggling bank in Boston, as its bank president.
While the banking industry is winning over low- and middle-income groups, it is still trying to regain the trust of high earners who were stung during the financial crisis.
Normally tight-lipped about security moves, bankers tell how they are re-examining their systems for Equifax-like flaws and providing new cards, fresh accounts and reassuring advice for anxious customers.
Florida and Texas are normally major sources of mergers, but bankers in those states likely will take a break to assess damage from the hurricanes before returning to dealmaking.
