Citizens Bank announced it is ending its lending relationships with CoreCivic and GEO Group, two major private prison companies that operate detention facilities for U.S. Immigration and Customs Enforcement (ICE). The bank cited evolving business conditions as the reason for the decision, asserting it was not influenced by months of protests and activism targeting the bank over these ties.
In a statement on July 17, Citizens Bank addressed the activist campaigns. "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," the bank said. "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."
Citizens Bank has been a lender to GEO Group since 2018 and to CoreCivic since 2011. Both companies provide services, including operating detention facilities for individuals scheduled for deportation, under contract with federal and state governments. Citizens Bank stated that recent federal purchases of correctional facilities have altered the capital needs and financing structures of these companies, leading to the decision to wind down the lending relationships.
The bank emphasized that its decision was driven by these business changes and not by any concerns regarding the companies or their practices. "Citizens has been disappointed that the activists have dragged it into what is largely a political matter," the bank's statement read. "Public characterizations of Citizens by activist groups, including as it relates to our commitment to immigrants and to communities, do not reflect who we are or the record we have built."
Citizens Bank also highlighted its broader community engagement, noting support for 140 nonprofit organizations serving immigrant communities, over 265,000 employee volunteer hours in the past year, staff serving on more than 1,000 nonprofit boards, and $2 billion in community development financing for affordable housing and local economic development.
A spokesperson for CoreCivic stated that the company operates as a lawful business serving government partners across administrations for over 40 years, and that its financial position is strong. The company expressed appreciation for its diverse financial partners and its focus on delivering quality services to government partners.