Finance industry’s new frontiers
This issue’s focus on banking and finance looks at two trends with different directions but significant potential.
For our cover story, Senior Writer Laurie Schreiber looked at the issue of legalized marijuana and who will step in to finance it. With banks prohibited by federal charter from lending to cannabis establishments, some Maine bankers are working with lawmakers on ways the laws can be changed. Laurie talks to bankers but also to those in the industry. To date, it’s been an all-cash industry. Hands are tied on both sides, but change may be coming. Story starts on Page 16.
In an entirely different realm, Maine is seeing a growing number of financial technology firms, or fintechs. With WEX Inc. leading the way, other companies are finding markets for their products, as Senior Writer Renee Cordes reports. See Page 22.
Southern Maine is a key market for Maine banks, no matter where they’re based. Maureen Milliken catches up with Andrew Cook, who recently joined Skowhegan Savings Bank as a Portland-based banker in charge of southern Maine relationships. See Page 28.
We have two lists: Maine’s largest accounting firms are listed on Page 38 and the list of Maine’s largest credit unions is on Page 30.
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