A Florida bank announced on Thursday that it had terminated former President Trump’s account, joining a growing number of businesses that have severed connections with him.
According to The Washington Post, Trump said in his financial filings that he held two money-market accounts with Banks United. The funds in the accounts ranged from $5.1 million to $25.2 million.
“We no longer have any depository relationship with him,” said Banks United. They did not give a reason for the decision to shutter the accounts.
Professional Bank, a Florida bank, declared last week that it was breaking relations with Trump and would no longer do business with the former president or his companies.
New York’s Signature Bank and Germany’s Deutsche Bank have both stated that they will no longer do business with Trump. Signature Bank, in particular, took a firm stand against Trump and his congressional backers, calling for his resignation and stating that it would not do business with lawmakers who objected to the presidential election being certified.
Due to the negative headlines surrounding their connections with Trump, Deutsche Bank is attempting to resolve more than $300 million in loans. The bank is apparently hoping to unload the loans to another lender. New York Attorney General Letitia James is investigating Deutsche Bank’s connections with the Trump Organization.
James is looking into allegations that Trump’s former personal attorney, Michael Cohen, exaggerated the value of Trump’s assets and financial records. Despite the fact that the investigation is civil, James has stated that if anything suggesting wrongdoing is revealed during her investigation, she may face criminal prosecution.
In addition, Manhattan district attorney Cyrus Vance is looking into whether Trump lied about the worth of his assets in order to get bigger tax deductions. Vance has expanded his probe to include the Trump family’s Westchester County residence, Seven Springs, a historic mansion designed by former Washington Post publisher Eugene Meyer.
Deutsche Bank cut ties with Trump immediately after losing the 2020 election. Insiders stated that the company was tired of the negative publicity it has received due to its connections to Trump.
Deutsche Bank currently holds about $340 million in outstanding loans to Donald Trump and the Trump Organization. While he is in the Oval Office all business of the Trump Organization is being overseen by Trump’s oldest sons Don Jr and Eric. Trump owes the bank three loans and all of them come due within the next two years.
A Deutsche Bank management committee that oversees reputational and other risks for the lender in the Americas region met several times recently to discuss Trump’s loans and the three officials stated that over the years the institution lent Trump more than $2 billion.
Bank officials have discussed selling the loans in the secondary market, but so far, the idea has not gained any traction. Bank officials question who would want to purchase the loans and the issues that come with them.
Deutsche Bank has been closely reevaluating its relationship with Trump. In 2016 it set up a working group to review the bank’s dealings with him. Bank officials are now considering seizing Trump’s assets if he does not pay off the loans on time.
The banking institution began loaning money to Trump in the late 1990s. It has been dragged into congressional and other investigations due to its connections to Trump.