Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Eugene

(61,595 posts)
Mon Jul 8, 2019, 01:47 PM Jul 2019

SunTrust to stop financing companies that manage private prisons

Source: Reuters

BUSINESS NEWS JULY 8, 2019 / 12:30 PM / UPDATED AN HOUR AGO

SunTrust to stop financing companies that manage private prisons

Imani Moise
3 MIN READ

NEW YORK (Reuters) - SunTrust Banks Inc (STI.N) said on Monday it will not provide future financing to companies that manage private prisons and immigration holding facilities, becoming the latest lender to distance itself from a sector that has become tied to the Trump administration’s immigration policies.

“This decision was made after extensive consideration of the views of our stakeholders on this deeply complex issue,” the Atlanta-based company said in a statement.

SunTrust is one of several banks that have underwritten bonds or syndicated loans for at least one of the major private prison operators in the United States, CoreCivic Inc and GEO Group Inc.

In 2018, banks, including Bank of America Corp (BAC.N) and Wells Fargo & Co (WFC.N), raised roughly $1.8 billion in debt over three deals for CoreCivic and GEO Group, according to Refinitiv data.

-snip-


Read more: https://www.reuters.com/article/us-suntrust-banks-prison/suntrust-to-stop-financing-companies-that-manage-private-prisons-idUSKCN1U31WV
3 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
SunTrust to stop financing companies that manage private prisons (Original Post) Eugene Jul 2019 OP
SunTrust is merging with another bank. We got a letter about it. rzemanfl Jul 2019 #1
they merged with BB & T DonCoquixote Jul 2019 #2
Thank you for this. It may be time to move some money, not that I have all rzemanfl Jul 2019 #3

rzemanfl

(29,540 posts)
1. SunTrust is merging with another bank. We got a letter about it.
Mon Jul 8, 2019, 01:49 PM
Jul 2019

I don't know who is calling the shots now.

DonCoquixote

(13,615 posts)
2. they merged with BB & T
Mon Jul 8, 2019, 01:58 PM
Jul 2019

and are becoming a bank called Truist. The idea that they would be breaking off prisons is surprising, as BB & T is a very ayn rand type bank.

rzemanfl

(29,540 posts)
3. Thank you for this. It may be time to move some money, not that I have all
Mon Jul 8, 2019, 02:07 PM
Jul 2019

that much. I started with Barnett here in Florida when I moved here in '96.

Maybe the people who made the decision at SunTrust are not expecting to survive the merger.

Latest Discussions»General Discussion»SunTrust to stop financin...