Citizens Bank Ends Ties With Private Prison Companies

Citizens Bank announced this week that it will cease its financial relationships with CoreCivic and The GEO Group, two private prison companies that have operated government-contracted immigration detention centers. The bank provided banking services to both companies, which have been involved in running detention and deportation facilities under contracts with U.S. Immigration and Customs Enforcement (ICE). This decision follows significant public pressure from advocacy groups and local governments. At least two city councils in New Jersey, Montclair and Jersey City, had previously voted to withdraw their funds from Citizens Bank if it did not sever ties with these private prison operators. The De-ICE Citizens Bank Coalition characterized the bank's exit as a victory against financing human suffering related to ICE detention activities. Citizens Bank stated that the decision is purely a business one, driven by "changed commercial circumstances," and not a reflection of political pressure or a change in its view of the companies' business models. The bank cited plans by the federal government to purchase several facilities run by CoreCivic and ongoing talks with GEO Group as reasons for the reduced financial needs of these companies. This action is an example of "debanking," where financial institutions terminate relationships with specific businesses or individuals.