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Mon Jul 8, 2019, 01:47 PM

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.

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Read more: https://www.reuters.com/article/us-suntrust-banks-prison/suntrust-to-stop-financing-companies-that-manage-private-prisons-idUSKCN1U31WV

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Reply SunTrust to stop financing companies that manage private prisons (Original post)
Eugene Jul 8 OP
rzemanfl Jul 8 #1
DonCoquixote Jul 8 #2
rzemanfl Jul 8 #3

Response to Eugene (Original post)

Mon Jul 8, 2019, 01:49 PM

1. SunTrust is merging with another bank. We got a letter about it.

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

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Response to rzemanfl (Reply #1)

Mon Jul 8, 2019, 01:58 PM

2. they merged with BB & T

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.

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Response to DonCoquixote (Reply #2)

Mon Jul 8, 2019, 02:07 PM

3. Thank you for this. It may be time to move some money, not that I have all

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.

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