Citizens Bank is ending its financial relationships with two of the nation’s largest private prison companies, CoreCivic and GEO Group, following months of protests over their role in operating ICE detention facilities.
Decision Driven by Changing Business Conditions
The Rhode Island-based lender said the decision was driven by changing business conditions, not by political pressure. The bank will wind down its lending relationships with the companies, which have operated immigration detention centers under federal contracts.
Activists who had urged customers and municipalities to cut ties with the bank hailed the move as a victory. However, Citizens Bank insisted that the decision was not a result of political pressure, but rather due to the companies’ reduced capital needs and changed financing operations.
Citizens Bank highlighted its broader community investments, including support for 140 nonprofit organizations that serve immigrant communities and $2 billion in community development financing for affordable housing and local economic development.
Original reporting: Fox News (HLL/CB) — read the source article.
