To promote more inclusive prosperity and advance racial equity, Regions Bank announced it will not finance the state's latest mega-prison construction projects, one of which is planned for construction on Riffle Range Road just outside the city limits of Tallassee.
On Friday, Jan. 29, representatives with Regions Bank announced that the bank has committed to stop financing the private prison "behemoth" CoreCivic. This decision comes following a meeting between Regions Bank and Black Lives Matter Birmingham, Faith in Works, and Alabama Students Against Prisons.
"The decision has been made that Regions will not extend additional credit services to CoreCivic beyond our current contractual obligations," Regions Bank Senior Vice President of Reputation Management Susan Anderson stated.
Regions Bank also said that it will not finance CoreCivic in its latest construction projects that include two of the three mega-prisons to be built in Alabama. One of the two mega-prisons is scheduled for construction on Riffle Range Road just outside the Tallassee city limits.
Additional financial industries such as JPMorgan, Wells Fargo, Bank of America, SunTrust, and others, have also pledged to stop financing the private prison industry in 2019. Collectively, these institutions provide 87.4 percent of CoreCivic's current financing.
Although like Regions, several of those banks have agreements to continue funding CoreCivic through 2023.
"Regions Bank is committed to creating more inclusive prosperity and advancing racial equity. We hope to work together collaboratively to advance our shared goals of a more just and equitable society," Anderson said.