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- The professional bank announced on Tuesday that it would no longer provide banking services to President Donald Trump or the Trump organization.
- The Florida-based bank loaned Trump $ 11.2 million in 2018 so he could buy an $ 18 million house next to his Mar-a-Lago club for his sister, Maryanne Trump Barry.
- Professional Bank “will terminate the relationship with immediate effect,” a representative told Bloomberg.
- Professional Bank has joined Deutsche Bank and Signature Bank, two of Trump’s favorite banks, in cutting ties with the president following the riot on the U.S. Capitol last week.
- Visit the Business Insider homepage for more stories.
The Professional Bank said on Tuesday it would no longer do business with President Donald Trump and the Trump Organization.
The bank, based in Coral Gables, Fla., Has joined with two of Trump’s biggest banking partners, Deutsche Bank and Signature Bank, in halting the president’s services following the pro-Trump riot on the U.S. Capitol January 6 which left five dead.
Trump borrowed $ 11 million from Professional Bank in May 2018 to buy his sister, Maryanne Trump Barry, an $ 18 million Palm Beach home next to his Mar-a-Lago club, Bloomberg reported. Trump’s personal financial disclosure and county records show the loan has an interest rate of 4.5% and matures in 2048, Bloomberg said.
“Professional Bank has decided not to engage in any other business with the Trump Organization and its affiliates, and will end the relationship with immediate effect,” spokesperson Eric Kalis said in a statement sent by email to Bloomberg.
Kalis did not provide further details on Trump’s relationship with Professional Bank.
Trump’s most recent financial disclosure, dated July, showed that in addition to the loan, he had a money market account at Professional Bank worth up to $ 25 million that paid up to $ 1 million annual interest dollars.
Deutsche Bank has also severed ties with Trump and his company, a person familiar with the matter told Bloomberg this week. The president owes the German bank more than $ 300 million.
Read more: Could Trump pardon en masse his supporters who revolted on Capitol Hill? Experts in constitutional law intervene
A Signature Bank representative told Bloomberg he has stopped doing business with Trump and called for his resignation. The New York-based lender said it was closing two personal accounts worth around $ 5.3 million.
“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 commented on any political issue before and hope to never do so again,” he added.
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