Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Fifth Third to Halt Future Financing to Private-Prison Firms

July 15, 2019, 5:44 PM

Fifth Third Bancorp said it won’t provide future financing to companies that manage private prisons and immigration holding facilities.

“While these companies are not a material portion of Fifth Third’s business, we have decided not to provide future financing to this segment,” the Cincinnati-based lender said in a statement July 15. “We will honor the existing credit and loan commitments currently on our books, but we do not intend to enter any new financing arrangements with these companies.”

Fifth Third’s decision follows similar moves by Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co. and SunTrust Banks ...