Third bank cuts ties with Trump after Capitol riot

A third bank declared its plans to cut ties with President TrumpDonald TrumpGOP-led Maricopa County board decries election recount a 'sham' Analysis: Arpaio immigration patrol lawsuit to cost Arizona county at least 2 million Conservatives launch 'anti-cancel culture' advocacy organization MORE and the Trump Organization on Tuesday in the aftermath of the riot at the Capitol last week.

Florida-based Professional Bank, which once provided Trump with an $11 million mortgage, announced that it won’t conduct future business with the president or his organization, Bloomberg News reported

“Professional Bank has decided not to engage in any further business with the Trump Organization and its affiliates, and will be winding down the relationship,” the bank said in a statement.


Professional Bank had held as much as $25 million in a money market account for the president’s revocable trust and paid about $1 million in interest for the year, Bloomberg reported, citing a July document.

The bank first conducted business with Trump in 2018, providing a mortgage when he bought his sister’s $18 million Palm Beach, Fla., home. County records and the president’s personal financial disclosure, cited by Bloomberg, indicate the $11 million loan has a 4.5 percent interest rate and matures in 2048.

Professional Bank is the third bank to end its relationship with Trump and the Trump Organization after a pro-Trump mob breached and vandalized the Capitol last week in an attempt to disrupt Congress’s certification of President-elect Joe BidenJoe BidenBiden's quiet diplomacy under pressure as Israel-Hamas fighting intensifies Overnight Defense: Administration approves 5M arms sale to Israel | Biden backs ceasefire in call with Netanyahu | Military sexual assault reform push reaches turning point CDC mask update sparks confusion, opposition MORE’s Electoral College win.

The deadly riots resulted in at least five deaths, including a Capitol Police officer and a woman shot by a plain clothes Capitol Police officer. 

Earlier this week, Bloomberg News reported that Deutsche Bank would not conduct future business with Trump or his company besides monitoring the payment of existing loans amounting to more than $300 million. 


The New York-based Signature Bank announced that it would close down Trump’s personal accounts that have about $5.3 million due to the “displeasure and shock” management experienced following the Capitol riot. 

The New York bank also called on the president to resign and said it would not make future agreements with lawmakers who contested the Electoral College results after the riot.

“To witness a rioter sitting in the presiding chair of the U.S. Senate and our elected representatives being told to seek cover under their seats is appalling and an insult to the Republic,” Signature Bank said in a statement.

“We witnessed the President of the United States encouraging the rioters and refraining from calling in the National Guard to protect the Congress in its performance of duty,” the statement continued.

The Trump Organization did not immediately return a request for comment.


However, Eric TrumpEric TrumpThe Hill's 12:30 Report - Presented by Facebook - Biden convenes world leaders for Earth Day The Hill's Morning Report - Presented by Facebook - Chauvin conviction puts renewed focus on police reform Lara Trump is wild card in North Carolina Senate race MORE, one of the president’s sons put in charge of day-to-day operations of the Trump Organization, told The Associated Press that banks and other companies ending their relationship with the business after the riots exemplifies a liberal “cancel culture.”

“We live in the age of cancel culture, but this isn’t something that started this week. It is something that they have been doing to us and others for years,” Trump said. “If you disagree with them, if they don’t like you, they try and cancel you.”

Several companies, in addition to the banks, have distanced themselves from the president after last week’s events, including Shopify, which took down trumpstore.com, and PGA of America, which moved a 2022 championship away from Trump property.

New York City declared on Wednesday that it would end contracts with the Trump Organization to run attractions in the city’s park, with Mayor Bill de BlasioBill de BlasioNew York City Marathon returning with smaller field Jeffries endorses Wiley in New York mayor's race NYPD launches investigation after multiple people slashed on subway MORE (D) saying, “New York City doesn’t do business with insurrectionists.”

Updated at 10:44 a.m.