Florida’s Top CFO Threatens to Cut Ties With BofA, Wells Fargo

Jimmy Patronis has a message for banks holding $36 billion in Florida’s cash: Drop the corporate activism or get out.

The warning from the state’s chief financial officer comes after a new law was passed banning banks from holding public funds if they use social and political factors in lending decisions. Patronis said that Florida is willing to cut ties with some of the nation’s largest lenders, including Bank of America Corp. and Wells Fargo & Co., that run afoul of the rules.

“If we lose some banking relationships because of the direction that our state is going in ...