Thursday, January 27, 2022


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People’s Credit Union

KEEPING TRACK: Spencer Blier, right, founder and CEO of licensed marijuana cultivator Mammoth Inc. in Warwick, watches as Rob Cornell harvests some of the product. Blier says banking and tax accounting are made more difficult because federal law prohibits the cannabis industry. / PBN FILE PHOTO/MICHAEL SALERNO

For cannabis industry, bookkeeping not easy

Stories of cannabis business owners carrying around backpacks filled with cash while doing business are symbolic of an industry saddled with the challenges that...
SITE VISIT: Mark K. W. Gim, president and chief operating officer of Westerly-based Washington Trust Bancorp., demonstrates the bank’s website technology on his iPad in 2018. But the regional bank didn’t abandon its brick-and-mortar strategy, opening several new branches in recent years. / PBN FILE PHOTO/MICHAEL SALERNO

Mobile banking making leaps ahead

FINANCIAL SERVICES Perhaps nothing has transformed banking more than technology. Online and mobile banking are certainly not new. Websites, for example, first came on the scene...
OPENING THE DOOR: Frederick Reinhardt, CEO and president of Greenwood Credit Union, says the Warwick credit union started providing services to cannabis-related businesses in part because of safety concerns over operating a large all-cash enterprise. / PBN PHOTO/MICHAEL SALERNO

Lack of banking hinders R.I.’s cannabis sector

The cannabis industry may be expanding in Rhode Island, but these types of businesses still struggle to find financial institutions that will provide financing...

People’s Credit Union reports record 2020 earnings

MIDDLETOWN – People’s Credit Union brought in a record $4.9 million in income in 2020, according to an annual report published in May. The 2020...

People’s Credit Union earns top rating from BauerFinancial Inc.

MIDDLETOWN – People’s Credit Union recently received a five-star rating from BauerFinancial Inc., according to a news release. The top rating from the financial ratings...

People’s Credit Union donates $10K to Newport Boys & Girls Club

MIDDLETOWN – People’s Credit Union recently donated $10,000 to the Boys & Girls Club of Newport County, according to a news release. The donation will...

People’s Credit Union partners with Swipe for a Cause

MIDDLETOWN – Credit card transactions made at People’s Credit Union will now benefit local charities, thanks to the credit union’s new partnership with Swipe...

SBA: Citizens, BankNewport top list of lenders to R.I. small...

PROVIDENCE – Citizens Bank was the top lender to Rhode Island small businesses through the U.S. Small Business Administration’s 7a loan program from Oct....

Magaziner highlights BankLOCAL success

PROVIDENCE – Rhode Island’s BankLOCAL program has offered 348 small-business loans and moved $37.5 million in cash deposits to state banks and credit unions...

People’s Credit Union donates $1,000 to Bristol Warren Education Foundation

MIDDLETOWN – People’s Credit Union donated $1,000 to the Bristol Warren Education Foundation, according to a news release. The donation to the community-based education organization...

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