Citizens Bank Ends Lending to 2 Private Prison Firms as Federal Facility Purchases Cut Capital Needs
Updated
Updated · Fox News · Jul 24
Citizens Bank Ends Lending to 2 Private Prison Firms as Federal Facility Purchases Cut Capital Needs
3 articles · Updated · Fox News · Jul 24
Summary
Citizens Bank said it will wind down lending relationships with CoreCivic and GEO Group, two major private prison operators tied to ICE detention contracts.
The Rhode Island-based lender said federal plans to acquire some detention facilities have reduced the companies' capital needs and changed how they finance operations, framing the move as a business decision.
July 17 marked the bank's public explanation after months of activist pressure urging customers and municipalities to cut ties; Citizens said it was being pulled into a political fight and rejected claims about its record on immigrants.
CoreCivic, a Citizens client since 2011, said it remains financially strong and will continue relying on a diverse group of lenders, while activists hailed the bank's exit as a victory.