Citizens Bank Ends Ties with Private Prison Firms Under Pressure

Citizens Bank announced its decision to discontinue its financial relationship with CoreCivic and The GEO Group. These firms operate private prisons and detention centers across the United States, often on behalf of the government.

During President Donald Trump’s administration, CoreCivic and The GEO Group were contracted by the U.S. Immigration and Customs Enforcement (ICE) to manage detention and deportation facilities as part of efforts to intensify illegal immigration control.

Citizens Bank faced significant public backlash for its banking services with these private prison operators. Advocacy groups and left-leaning city governments have pressured the bank to sever ties. A notable response came from Montclair and Jersey City in New Jersey, whose city councils threatened to withdraw their funds from Citizens if action wasn’t taken.

A coalition known as De-ICE Citizens Bank Coalition remarked that the bank’s decision to exit relationships with CoreCivic and The GEO Group marks a victory against the continued financing of ICE detention activities, which they consider an infliction of human suffering.

Despite public pressure, Citizens Bank maintained that the decision was purely business-related, citing reduced financial needs of the companies due to federal plans to acquire several CoreCivic-operated facilities and negotiations with GEO.

The practice known as debanking—where banks cut ties with certain entities—has become controversial during Trump’s second term. Bank regulators have initiated probes into these practices, examining potential consequences if banks are discovered to have carried out debanking improperly.

Citizens Bank emphasized the necessity for all banks to assess regulatory and contractual frameworks when deciding whom to provide banking services to.