Montclair, Jersey City councils threatened to withdraw deposits
Citizens Financial Group said it plans to wind down its financial relationship with CoreCivic and The GEO Group, two private prison companies that operate federal immigration detention centers under contract with the Trump administration.
The bank provided banking services to the two companies, which are contracted by U.S. Immigration and Customs Enforcement to operate detention and deportation centers.
Citizens came under an intense public campaign from the De-ICE Citizens Bank Coalition and other advocacy groups demanding it cut ties. At least two New Jersey city councils — Montclair and Jersey City — voted to withdraw their municipal deposits from the bank if it did not comply.
“Today’s announcement that Citizens Bank will exit its current lending relationships with private prison giants CoreCivic and The GEO Group is an important victory for the people who refused to let a major bank finance human suffering brought on by ICE detention activities of the current federal administration,” the De-ICE Citizens Bank Coalition said in a statement.