Finance

Third bank cuts ties with Trump after Capitol riot

A third bank declared its plans to cut ties with President Trump 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 Biden’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 Trump, 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 Blasio (D) saying, “New York City doesn’t do business with insurrectionists.”

Updated at 10:44 a.m.

Tags Bank Banking Bill de Blasio Capitol Capitol breach Capitol raid Capitol Riots Donald Trump Eric Trump Joe Biden Pro-Trump riots Professional bank

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