N.J. town pulls $91M from Citizens Bank over ICE detention ties

Key Points:

• Montclair Township Council unanimously voted to divest approximately $91.1 million from Citizens Bank in protest of the bank’s financing of private companies operating federal immigration detention centers, removing the bank from its list of approved depositories.
• The decision aligns with Montclair’s identity as a “welcoming town” and the Montclair Trust Act, which prohibits township support of ICE operations, citing Citizens Bank’s financing of GEO Group and CoreCivic, major private detention operators linked to facilities with reported poor conditions.
• The divestment follows similar moves by Jersey City and ongoing discussions in nearby Bloomfield, driven by the De-ICE Citizens Bank coalition’s nationwide campaign against the bank’s ties to immigration detention centers.
• Citizens Bank announced plans to exit credit facilities related to GEO Group and CoreCivic, attributing the move to changes in companies’ financing needs, though activists view this as a partial victory and continue to demand a full severance of ties.
• Montclair is currently seeking new banking partners, having prequalified 11 banks, with the municipal administration tasked with implementing the council’s divestment policy.