Citizens Bank announced it will sever its financial connections with CoreCivic and The GEO Group, two companies involved in private prisons and immigration detention centers during the Trump administration. This decision follows pressure from public advocates and city governments. Citizens Bank offered banking services to these companies, which under President Trump, were contracted by U.S. Immigration and Customs Enforcement for detention centers.
An intense public campaign urged Citizens to cut ties with these private prison operators. City councils in Montclair and Jersey City threatened to withdraw their funds if Citizens continued its association with CoreCivic and GEO Group. The De-ICE Citizens Bank Coalition stated, “Today’s announcement is an important victory against financing human suffering through ICE detention activities.”
Citizens Bank clarified their decision was driven by business reasons, not political influence, stating that reduced financial needs of CoreCivic and GEO prompted the end of their relationship. The federal government plans to purchase facilities run by CoreCivic and is negotiating with GEO, leading to decreased commercial needs.
Debanking, when banks cut ties with clients, has become a controversial subject during Trump’s second term. Bank regulators have investigated debanking practices and might penalize banks if violations occur. Citizens Bank emphasized that all financial institutions must consider regulatory frameworks when making banking decisions.
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