West Town Bank & Trust Hires New Senior Vice President, Hemp Banking

Rhea-AI Summary

West Town Bank & Trust has appointed Ross Sloan as Senior Vice President of its Hemp Banking Division, effective September 30, 2020. With over 30 years in banking, Sloan aims to enhance the bank's service to hemp-related businesses following the 2018 Farm Bill that legalized hemp production. The bank focuses on compliance and customer relations to address the unique needs of its hemp clients, aided by technology and strategic partnerships. This move aligns with West Town's strategy to expand its market share in the growing hemp industry.

Positive

• Ross Sloan's extensive banking experience and leadership can boost West Town's Hemp Banking Division.
• The appointment is expected to improve compliance and customer relations, addressing past frustrations of hemp clients.
• Growth in the hemp industry and the bank's strategic initiatives position it as an emerging leader in the sector.

Negative

• None.

RALEIGH, N.C., Oct. 1, 2020 /PRNewswire/ -- West Town Bank & Trust announced today that Ross Sloan, a regional banking executive with over 30 years of experience in the industry, has joined the Bank as Senior Vice President of its Hemp Banking Division effective September 30, 2020.

Enabling West Town Bank & Trust's initiative to service hemp-related businesses was the passage of the 2018 Farm Bill, which Federally legalized the production, sale and distribution of hemp and its derivatives.  Thoughtfully documented compliance programs, various joint ventures and strategic partnerships, as well as investments in technology, have helped support the Bank's recent emergence as a  preeminent industry leader in the hemp space.  In addition, rapid growth has created an opportunity to build out an integrated financial services network of capabilities and assets to address the unique needs of its hemp customers, including technology enabled client on-boarding, payment processing solutions and dedicated client relationship managers to enhance the overall banking experience.

"The decision to add Ross to our team couldn't be more perfectly aligned with our business development strategy to expand our market share in the hemp industry," said Melissa Marsal, Chief Operating Officer of West Town Bank & Trust. "Ross balances a breadth of vast commercial banking knowledge with an ability to create and maintain truly genuine relationships with his business customers.  Compliance will continue to be the focal point when on-boarding new hemp businesses, many of whom have experienced compliance-related frustrations in dealing with other financial institutions in the past.  Our number one goal is to ensure a seamless and pleasant customer journey, starting from the point of engagement, and Ross will undoubtingly help make this priority a reality for our business."

Mr. Sloan's 32-year banking career includes a wealth of experience in commercial banking and management.  He joined Carolina First in 2000, serving as both a Commercial Banking Manager and Market President for Western North Carolina prior to the Bank's merger with TD Bank in 2010.  Mr. Sloan served as TD Bank's Regional Vice President for the Southern Mountains region and most recently as HomeTrust Bank's Market President for the Asheville region.  Mr. Sloan serves as Treasurer of the ALS Association NC Chapter and a Board Member of the Rotary Club of Asheville.  He is a 1986 graduate of Davidson College.

About West Town Bank & Trust

West Town Bank & Trust is a subsidiary of Integrated Financial Holdings, Inc. (OTCPK: IFHI), a North Carolina-based financial services holding company.  Founded in 1922, West Town Bank & Trust is an Illinois-chartered bank headquartered in North Riverside which offers traditional banking services but selectively specializes in government guaranteed lending nationally and tailored deposit products for specific lines of business such as Hemp and CBD.

West Town Bank & Trust's primary regulators are the Illinois Department of Financial and Professional Regulation and the FDIC.  Visit www.westtownbank.com to learn more.

Contact: Andrew Sheaffer, asheaffer@ifhinc.com

 

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SOURCE West Town Bank & Trust

FAQ

Who is the new Senior Vice President of West Town Bank & Trust's Hemp Banking Division?

Ross Sloan has been appointed as Senior Vice President of the Hemp Banking Division.

When did Ross Sloan join West Town Bank & Trust?

Ross Sloan joined West Town Bank & Trust effective September 30, 2020.

What is the significance of the 2018 Farm Bill for West Town Bank & Trust?

The 2018 Farm Bill legalized hemp production, allowing West Town Bank & Trust to expand its services to hemp-related businesses.

How will Ross Sloan's appointment impact West Town Bank & Trust's hemp business?

Sloan's extensive experience and focus on compliance are expected to enhance customer relations and service delivery in the hemp sector.