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SunTrust Is Latest Bank to Halt Financing of Private Prisons (3)

July 8, 2019, 4:07 PMUpdated: July 8, 2019, 6:22 PM

SunTrust Banks Inc., the lender merging with BB&T Corp., said it won’t provide future financing to companies that manage private prisons and immigration holding facilities.

“This decision was made after extensive consideration of the views of our stakeholders on this deeply complex issue,” the Atlanta-based bank said in an emailed statement July 8.

SunTrust’s decision follows similar moves by Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. Politicians including Senator Elizabeth Warren, who is running for president, have urged bank executives and investors to back away from the business as immigration detentions have soared.

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