- Professional Bank said on Tuesday that it would no longer provide banking services to President Donald Trump or the Trump Organization.
- The Florida-based bank lent Trump $ 11.2 million in 2018 so he could buy a $ 18 million home next to his Mar-a-Lago club for his sister, Maryanne Trump Barry.
- Professional Bank ‘will have the relationship in effect immediately,’ a Bloomberg spokesman said.
- Professional Bank has joined Deutsche Bank and Signature Bank, two of Trump’s favorite banks, to cut ties with the president following last week’s riots at the US Capitol.
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Professional Bank said on Tuesday that it would no longer do business with President Donald Trump and the Trump organization.
The bank, based in Coral Gables, Florida, has joined two of Trump’s largest banking partners, Deutsche Bank and Signature Bank, to suspend services for the president following Trump’s rally against the US Capitol on Jan. 6, which killed five people. left dead.
Trump borrowed $ 11 million from Professional Bank in May 2018 to buy his sister, Maryanne Trump Barry, a $ 18 million home in Palm Beach next to his Mar-a-Lago club, Bloomberg reports. According to Trump’s personal financial disclosure and country records, the loan has an interest rate of 4.5% and matured in 2048, Bloomberg said.
“Professional Bank has decided not to enter into any further business with the Trump Organization and its affiliates, and will terminate the relationship immediately,” a spokesman Eric Kalis said in an email to Bloomberg.
Kalis did not provide further details about Trump’s deals with Professional Bank.
Trump’s most recent financial revelation, from July, showed that in addition to the loan, he had a money market account with Professional Bank worth as much as $ 25 million that paid up to $ 1 million annually.
A person familiar with the matter, Deutsche Bank also severed ties with Trump and his company. The president owes the German bank more than $ 300 million.
Read more: Can Trump forgive his supporters who rioted at the Capitol? Constitutional law experts weigh in
A representative of Signature Bank told Bloomberg that he had stopped doing business with Trump and asked him to resign. The credit provider in New York said it closed two personal accounts worth about $ 5.3 million.
“We believe the appropriate action is the resignation of the President of the United States, who is in the best interests of our country and the American people,” Signature Bank said in the statement.
“We have never commented on any political issue before and hope to never do it again,” he added.