Breaking: SunTrust Is Latest Bank to Stop New Financing of Private Prisons

Via Bloomberg | Lananh Nguyen

SunTrust Banks Inc., the company merging with BB&T Corp., said it won’t provide future financing to companies that manage private prisons and immigration holding facilities.

“This decision was made after extensive consideration of the views of our stakeholders on this deeply complex issue,” the Atlanta-based bank said in an emailed statement Monday.

SunTrust’s decision follows similar moves made by Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. Protesters have been urging bank executives to back away from the business, and detention centers have become a flash point amid reports of substandard conditions at facilities for migrant children.

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