Citizens Bank is ending its financial relationships with two of the nation's largest private prison companies following months of protests over their role in operating ICE detention facilities, though the bank insists the decision was driven by changing business conditions rather than political pressure.The Rhode Island-based lender said it will wind down its lending relationships with CoreCivic and GEO Group, companies that 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, while Citizens said the companies' financing needs had changed because the federal government plans to acquire some detention facilities."Over the past year, we have been targeted by several activist groups regarding our relationships with two private prison operators, CoreCivic and The GEO Group," Citizens Bank said in a July 17 announcement.
"To date, we have refrained from commenting directly given our commitment to maintaining client privacy.However, given recent developments, we feel it is appropriate to comment at this time."TRUMP ADMINISTRATION PLANS NEW ICE HOLDING FACILITY NEAR LOUISIANA DEPORTATION FLIGHT HUBThis Wednesday, Aug.
28, 2019, photo shows the Adelanto U.S.Immigration and Enforcement Processing Center operated by GEO Group, Inc.
(GEO) a Florida-based company specializing in privatized corrections in Adelanto, Calif."GEO has been a client of the bank since 2018, and CoreCivic has been a client since 2011," the announcement continued.
"Among the services these companies offer is the operation of prisons under service contracts with the federal and various state governments.This includes contracting with U.S.
Immigration and Customs Enforcement to operate detention facilities for those individuals scheduled for deportation.Both companies also own various facilities in addition to their service contracts."Citizens said it decided to end its lending ...