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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.
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