-
The Obama Administration's issued looser rules Thursday for transactions in the small island nation, but banks still face impediments.
January 15 -
Stonegate Bank in Pompano Beach, Fla., has agreed to buy Community Bank of Broward in Dania Beach, Fla.
August 25
Stonegate Bank in Pompano Beach, Fla., has confirmed that it will provide a bank account to the Cuban government.
The $1.7 billion-asset bank was asked by the U.S. State Department open an account for Cuba, Dave Seleski, Stonegates chief executive, said. The account will smooth the road for Cuba to open an embassy in Washington.
Cuba needs a U.S. bank account to "ease the burden in terms of issuing travel visas and other functions associated with any embassy in Washington," Seleski said in an emailed statement.
"We hope this is the initial step to normalize banking ties between the two countries, which will benefit American companies wanting to do business in Cuba, as well as the Cuban people," Seleski added.
The Obama administration's new rules on economic ties with Cuba allow U.S. banks to have