Citizens Bank said it will wind down banking relationships with CoreCivic and GEO Group, two private prison operators that run immigration detention facilities under Trump administration contracts.
Two New Jersey city councils — Montclair and Jersey City — had voted to pull public funds from Citizens unless it cut ties, capping a sustained campaign by advocates and customers.
Citizens said the move was a business decision, arguing federal plans to buy several CoreCivic facilities and talks with GEO had reduced the companies’ financing needs.
The decision lands amid a broader fight over “debanking” in Trump’s second term, with federal regulators scrutinizing banks’ account closures and warning of possible penalties.