SHF Holdings Inc., dba Safe Harbor Financial (NASDAQ: SHFS), has extended and modified its commercial alliance agreement with Partner Colorado Credit Union (“PCCU”) for four years. The modification eliminates the $1.2 million indemnity liability reported on the balance sheet as of Sept. 30, 2024, effective Jan. 1, 2025.
Additionally, Golden-based Safe Harbor will no longer be required to record a loan loss reserve on its income statement while continuing to facilitate loans for its clients with PCCU. “The modified agreement with PCCU represents a positive and pivotal development for Safe Harbor,” said Sundie Seefried, CEO of Safe Harbor Financial. “Not only does the updated agreement simplify our business processes and better align expenses with income, it addresses exposure to contingent liability on our loan portfolio and reaffirms the strength of our longstanding partnership with PCCU.”
Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD and ancillary operators.
