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U.S. Bank closes accounts of local hemp business, complicating new local industry

A hemp field east of Vale. (The Enterprise/file)

VALE – As Vale native Jim Hutchens geared up for the hemp harvest, the financial institution he banked with for more than 40 years threw him a curve ball.

Hutchens learned “out of left field” last week that U.S. Bank was going to close all of his accounts.

“I have six accounts with U.S. Bank,” said Hutchens.

The reason for the sudden decision? Hutchens said he believes the bank is cutting ties with his business – Treasure Valley Extractions – because it harvests hemp and then processes it into an organic oil known as cannabidiol, or CBD oil.

“We found out from a client that buys our product,” said Hutchens.

Demand for the oil, used as an over-the-counter treatment for everything from epilepsy . . .