As the United States and Cuba diplomatic relations get better, U.S. businesses are taking advantage of it.

Stonegate Bank announced a business relationship with Cuban bank Banco Internacional de Comercio S.A. (BICSA). It marks the first time a U.S. correspondent bank has a business relationship with a Cuban bank since the late 1950s.

In a statement, Stonegate Bank President and CEO David Seleski said, "This is another step in terms of normalizing commercial relations between the U.S. and Cuba. The ability to move money easily between the two countries will only increase trade and benefit American companies wishing to do business in Cuba. We are very proud to be a part of this process that is going to benefit both countries in the future"

BICSA was established in 1993, largely to handle international transactions. The bank has over 600 correspondents around the world.

The U.S. still maintains a five-decade-old embargo on most U.S. business with the communist-led island, but the Obama administration is easing embargo restrictions in select areas using through executive authority. New provisions now allow correspondent banking between the two countries. Businesses like T-Mobile and Sprint announced plans to allow U.S. consumers to make calls to Cuba.

Last month, an embargo was lifted allowing Americans to fly directly from the U.S. to Cuba. Recently, both countries have opened embassies in each other's capitals.

Stonegate Bank was established in 2005 by Seleski and has over 20 banking offices across the state of Florida. As of July 22, it has $2.27 billion in assets and $1.93 billion in deposits.