Montclair Council Pulls $91.1 Million From Citizens Bank Over Private Prison Financing
Updated
Updated · Montclair Local · Jul 15
Montclair Council Pulls $91.1 Million From Citizens Bank Over Private Prison Financing
1 articles · Updated · Montclair Local · Jul 15
Summary
$91.1 million in township deposits will be moved from Citizens Bank after Montclair’s council unanimously voted Tuesday to divest on ideological grounds tied to the bank’s lending to private prison operators.
11 banks have already been prequalified to take the funds, and Township Manager Stephen Marks said at least one has offered a better interest rate than Citizens, suggesting the shift could also improve returns.
The resolution cites Citizens’ role in helping GEO Group and CoreCivic access more than $2.5 billion since 2012, including $100 million in January; GEO runs Newark’s Delaney Hall and the Elizabeth Detention Center.
Residents pressed for the move by pointing to alleged abuses at Delaney Hall, where a 41-year-old detainee died in custody in December and protesters have repeatedly clashed with law enforcement.
Citizens defended its “fair access” approach and broader community record, while Montclair’s move follows Jersey City’s divestment and comes as neighboring Bloomfield weighs similar action.
After Citizens Bank divested, which major financial institutions are still backing private prisons?
Can local divestment campaigns truly threaten the multi-billion dollar private prison industry?
With record profits and detainee deaths, what is the real cost of private immigration detention?
$91 Million Divestment: How Montclair’s Citizens Bank Exit Escalates the Fight Against Private Prison Funding
Overview
On July 14, 2026, the Montclair Township Council unanimously voted to withdraw $91.1 million from Citizens Bank, marking a strong stand against the private prison industry. This decision followed an investigation by Montclair Indivisible, which uncovered the bank’s financial ties to major private prison operators, GEO Group and CoreCivic. Community outrage grew as activists protested for nearly a year outside Delaney Hall and regularly at the local Citizens Bank branch. Driven by ethical concerns and sustained activism, Montclair’s move highlights how local action and public pressure can align municipal finances with community values.