Citizens Bank Pulls Out of Prison Funding, City Responds

Citizens Bank has decided to stop providing loans to CoreCivic and The GEO Group, the two largest private prison operators in the United States. The announcement came on Friday and was framed by the bank as a business decision, not a moral stance.

Why the Change?

• The federal government plans to acquire several of these prisons, reducing the need for private capital.
• Citizens Bank clarified that it will no longer fund CoreCivic or The GEO Group, but this does not alter its view of their business models.

Community Response

• Jersey City officials reacted by cutting the city’s own funds from Citizens Bank over a loan tied to Delaney Hall.
• City leaders argue that any financial support for private prisons equates to complicity in inmate suffering and believe taxpayer money should not sustain an industry known for harsh conditions and high costs.

Bank’s Position

• Citizens Bank highlighted its history of corporate responsibility, serving many communities.
• The bank underscored its collaboration with 140 nonprofit partners that support immigrant populations across several markets.
• Despite these efforts, the bank expressed disappointment that activists have turned the issue into a political debate.

Upcoming Protest

• A local activist group in Hoboken plans to protest the bank’s River Street branch on Saturday from 10 a.m. to 11 a.m.
• The protest is part of the broader “De‑ICE Citizens Bank” campaign, aiming to pressure the bank into changing its lending practices.

Broader Implications

The situation underscores a growing tension among financial institutions, government policy, and community activism over the private prison industry.