Stonegate Bank in Florida opens bank account for Cuban govt

Stonegate Bank opens bank account for Cuban gov't
Stonegate Bank opens bank account for Cuban gov't   

A small bank is Florida has opened a bank account for the Cuban government. CNBC confirmed that Stonegate Bank has become the first U.S. bank to do so. (Tweet This)

In the past, the Cuban government has had to deal in cash when making payments in the U.S. The news could be a catalyst in thawing relations between Cuba and the U.S.

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The news came a day ahead of what is expected to be the final meeting between the State Department and representatives of the Cuban government. The meetings could lead to the announcement of a re-establishment of diplomatic ties between the two countries.

Shares of Stonegate were up more than 2 percent early Wednesday afternoon.

Reported by CNBC's Michelle Caruso-Cabrera, written by CNBC.com's Reem Nasr.