Citizens Bank Pulls Out of Private Prison Loans

Citizens Bank has decided to stop funding two private prison operators that house people held by federal immigration authorities. The move comes after the government bought some of the facilities from CoreCivic and plans to acquire more from GEO Group, reducing the need for bank capital in those companies. The Rhode Island‑based bank said it was now “appropriate to exit” these lending relationships. The decision follows pressure from activist groups who demanded written proof that the bank’s ties to CoreCivic and GEO Group were over. Protesters have staged signs, billboards and pickets around the city, claiming that Citizens’ loans helped run prisons with criticized conditions. They also highlighted how the bank’s funding enabled facilities in Pennsylvania, New Jersey and other states to operate.

Citizens is one of the few large banks that financed private prison firms, and it faced local ordinance proposals in New Jersey to withdraw public accounts. The bank noted that it has long supported immigration‑related nonprofits, and it argued that regulators do not allow “debanking” based on politics or religion. It also pointed out that the Office of the Comptroller of the Currency is reviewing banks for politically motivated actions. The activist group De‑ICE said community pressure and public conscience were key to the bank’s change of policy, though they argued that ending the loans does not erase the harm caused by these business ties. In 2019, several big banks agreed to stop funding private‑prison operators, and in 2024 Citizens led a group that raised money for GEO Group’s prison operations.

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