🏦 Citizens Bank says its decision to end its relationship with GEO Group was based on business, not politics.
➡️ New Jersey officials and activists had claimed the move was a victory after months of pressure.
⚖️ The bank said denying services based on political views could violate federal banking rules.
NEWARK — Citizens Bank says New Jersey officials and anti-ICE activists are wrongly portraying its decision to cut ties with the company operating Newark’s Delaney Hall detention center as a political victory.
On Friday, Citizens Bank announced that it would no longer have a financial relationship with GEO Group. The company operates several private prisons, including the ICE detention center in Newark.
According to Citizens Bank, the decision is financial, not ideological. The bank said the federal government has indicated it will purchase several GEO-owned facilities, reducing the company’s need for financing…