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Bank closes Donald Trump's accounts

by Staff reporter
22 Jan 2021 at 07:20hrs | Views
A Florida bank announced Thursday that it has closed down former President Trump's account, joining a growing list of entities that have cut ties with the former president following the deadly Jan. 6 Capitol riot.

In his financial disclosures, Trump had stated he had two money-market accounts with Banks United, The Washington Post reports. The accounts held somewhere between $5.1 million and $25.2 million.

"We no longer have any depository relationship with him," said Banks United, without giving reasons for its decision to shutter the accounts.

Another Florida bank, Professional Bank, last week announced that it would be cutting ties with Trump, saying it would no longer conduct business with the former president or his organizations.

Signature Bank in New York and Deutsche Bank have also said they will no longer be conducting future business with Trump. Signature Bank notably took a strong stance against Trump and his allies in Congress, calling for him to resign and saying it would not conduct business with lawmakers who had objected to certifying the presidential election.

Deutsche Bank is seeking to resolve more than $300 million in loans, reportedly looking to offload the loans onto another lender due to the negative press their dealings with Trump has caused. Deutsche Bank's relationship with the Trump Organization is under a civil investigation by New York attorney general Letitia James.

James is investigating claims made by Trump's former personal attorney Michael CohenMichael Dean CohenTrump's pardons harshly criticized by legal experts Manhattan DA expands probe into Trump company to include family estate: report Michael Cohen interviewed by prosecutors about Trump's finances MORE that he had inflated the value of his assets and financial statements. Though the investigation is civil, James has said criminal charges may arise if anything suggesting criminality is discovered during her probe.

Manhattan district attorney Cyrus Vance is also conducting an investigation into whether or not Trump misrepresented the value of his assets in order to receive larger tax deductions. Vance recently expanded his investigation to include the Trump family's Westchester County estate, a historic mansion called Seven Springs, built by former Washington Post publisher Eugene Meyer.

Source - thehill

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