Professional Bank cuts ties with Trump after US Capitol siege – Business Insider

  • Florida-based Professional Bank said Tuesday it would no longer provide banking services to President Donald Trump or the Trump Organization.
  • The bank loaned Trump $11.2 million in 2018 so he could purchase a $18 million home next to his Mar-A-Lago club for his sister, Maryanne Barry Trump.
  • Professional Bank “will be winding down the relationship effective immediately,” a spokesperson told Bloomberg.
  • Professional Bank joins the likes of Deutsche Bank and Signature Bank, two of Trump’s favored banks, in cutting ties with the president following the riots at the US Capitol.
  • Visit Business Insider’s homepage for more stories.

Florida-based lender Professional Bank said Tuesday it would no longer do business with President Donald Trump and the Trump Organization.

It joins two of Trump’s biggest banking partners, Deutsche Bank and Signature Bank, in halting banking services with the president following the pro-Trump riots at the US Capitol on January 6, which left five people dead.

Trump borrowed $11 million from Professional Bank in May 2018 to buy his sister, Maryanne Barry Trump, a $18 million home in Palm Beach next to his Mar-A-Lago club, Bloomberg reported. The loan has a 4.5% interest rate and matures in 2048, according to Trump’s personal financial disclosure and county records, cited by Bloomberg.

“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 effective immediately,” Eric Kalis, a spokesman for the Coral Gables, Florida-based company, said in an emailed statement to Bloomberg.

Kalis didn’t provide any more details on Trump’s dealings with Professional Bank.

As well as the mortgage, Trump’s most recent financial disclosure in July shows that he also had a money market account at Professional Bank worth as much as $25 million, which paid up to $1 million in annual interest.

Deutsche Bank had severed business ties with Trump and his company, a person familiar with the matter told Bloomberg on Tuesday. The President owes the German bank more than $300 million.

Read more: Could Trump mass-pardon his supporters who rioted at the Capitol? Constitutional law experts weigh in

Signature Bank also stopped doing business with Trump and called for his resignation, a spokesperson from the bank told Bloomberg. The New York-based lender is closing two personal accounts worth about $5.3 million, it said.

“We believe the appropriate action would be the resignation of the president of the United States, which is in the best interests of our nation and the American people,” Signature Bank said in the statement.

“We have never before commented on any political matter and hope to never do so again,” it added.

Leave a Reply