Updated Jul 27, 2026
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Citizens Bank to exit lending ties with CoreCivic and GEO Group

PROVIDENCE, July 17. Citizens Bank said it will exit its lending relationships with CoreCivic and GEO Group, two private prison companies that contracted with U.S. Immigration and Customs Enforcement to operate immigration detention facilities. The Rhode Island-based bank, which has held GEO Group as a client since 2018 and CoreCivic since 2011, attributed the decision to reduced capital needs at both companies following recent federal purchases of correctional facilities.

By Elias Vance2 min read
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PROVIDENCE, July 17. Citizens Bank said it will exit its lending relationships with CoreCivic and GEO Group, two private prison companies that contracted with U.S. Immigration and Customs Enforcement to operate immigration detention facilities. The Rhode Island-based bank, which has held GEO Group as a client since 2018 and CoreCivic since 2011, attributed the decision to reduced capital needs at both companies following recent federal purchases of correctional facilities.

Why Citizens is cutting the relationships

The bank's July 17 announcement said federal acquisitions of detention facilities have changed how CoreCivic and GEO Group finance their operations, reducing their need for outside lending. Citizens said only that financing shift drove the decision, and cited no concerns about either company's business practices.

Both CoreCivic and GEO Group operate facilities under service contracts with federal and state governments and own additional facilities outright. Those contracts include agreements with ICE to run detention centers for individuals scheduled for deportation.

The activist campaign and the bank's response

Several activist groups had spent months urging customers and municipalities to cut ties with Citizens over its relationships with the two operators. The bank said in its announcement that it had been "targeted by several activist groups" and had held back from public comment, citing its commitment to client privacy. It said "recent developments" made a response appropriate.

Citizens called the matter "largely a political" one and said activist characterizations of the bank, including those relating to its commitment to immigrants and communities, "do not reflect who we are or the record we have built." The bank said it supports 140 nonprofit organizations that serve immigrant communities, logged more than 265,000 employee volunteer hours last year, has staff serving on more than 1,000 nonprofit boards, and provided $2 billion in community development financing for affordable housing and local economic development.

How the operators responded

A CoreCivic spokesman said in a statement to Fox News Digital that the company is "a lawful business" that has served government partners at the federal, state and local levels under administrations of both parties for more than 40 years. The spokesman said CoreCivic's financial position "is the strongest it has been in the company's history." When Fox News Digital contacted Citizens Bank, the bank referred to its July 17 statement. GEO Group did not respond to the outlet's request for comment.

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Key takeaways

Frequently asked

Why is Citizens Bank ending its lending relationships with CoreCivic and GEO Group?

The bank said recent federal acquisitions of detention facilities changed how the companies finance operations, reducing their need for outside lending. Citizens said only that financing shift drove the decision and cited no concerns about either company's practices.

How long has Citizens Bank been a lender to these companies?

Citizens has held GEO Group as a client since 2018 and CoreCivic since 2011.

What do CoreCivic and GEO Group do?

They operate correctional and detention facilities under service contracts with federal and state governments, including agreements with ICE to run detention centers for individuals scheduled for deportation, and also own facilities outright.

How did Citizens Bank respond to the activist campaign against it?

The bank said it had been targeted by several activist groups and called the matter 'largely a political' one, stating the characterizations 'do not reflect who we are or the record we have built.' It cited support for 140 nonprofits, more than 265,000 employee volunteer hours last year, and $2 billion in community development financing.

How did CoreCivic and GEO Group react to the decision?

A CoreCivic spokesman said the company is 'a lawful business' that has served government partners under both parties for more than 40 years and that its financial position is the strongest in its history. GEO Group did not respond to Fox News Digital's request for comment.