Which Banks Are In, And Which Banks Are Out Of The Firearms Business?
BY Herschel Smith
6 years, 1 month ago
From WiscoDave, this:
Bloomberg reports that the $40 million is on top of $431 million Wells Fargo has issued to gun manufacturers since the December 14, 2012, Sandy Hook attack. This means Wells Fargo is not only bucking the corporate gun control trend in 2018 but has also withstood the firearm divestiture campaign that launched following Sandy Hook.
On April 15, 2018, Breitbart News reported that Wells Fargo stemmed the tide of the push for new financial restrictions on gun makers and sellers by stressing that it is not a bank’s job to set U.S. gun policy. Reuters quoted Wells Fargo chief financial officer John Shrewsberry saying, “The best way to make progress on these issues is through the political and legislative process. In the meantime, Wells Fargo is engaging our customers that legally manufacture firearms and other stakeholders on what we can do together to promote better gun safety in our communities.”
Wells Fargo’s refusal to place new restrictions on gun manufacturers came shortly after Citigroup and Bank of America caved to the gun control push. On March 23, 2018, Breitbart News reported that Citibank issued new requirements whereby customers who own gun stores must stop selling long guns to anyone under the age of 21 and to quit selling “high-capacity” magazines as well. And Bank of America made clear they will no longer loan money to manufacturers that make “military-style firearms.”
But even though Wells Fargo hasn’t buckled yet, things are not so nice in banking land.
APOPKA, Fla. – Representatives from Fifth Third Bank visited Spike’s Tactical, a Florida-based firearm manufacturer, last Tuesday to inform them that the bank was discreetly planning to exit the banking sector for gun-related businesses.
According to Spike’s Tactical co-owner Angela Register, the bank representative informed her and their chief financial officer that their business line of credit would not be renewed and encouraged them to find a new bank to hold their accounts, even mentioning that their commercial mortgage should be transferred or it could potentially be called early.
The war continues, and all is proceeding just as I had foreseen. Actually, it’s all proceeding just as the controllers said it would. I just told you what the controllers said. At some point, they’re going to come directly after owners as well. Their intention is to drive manufacturers out of business from being unable to make payroll and enable their lines of supply and logistics.
The large manufacturers will have a difficult time of it, especially with the controllers buying up stock. The small manufacturers, i.e., those who aren’t subject to public stockholders and whose employees own the company, and who enable their lines of logistics without the help of the large banks, will flourish.
I suspect Spike’s Tactical will come out of this okay if they can find a small bank who will take the mortgage.
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On October 8, 2018 at 9:58 pm, Georgiaboy61 said:
Perhaps it is germane to this post, perhaps not – but a recent wave of “retirements” of longtime gunsmiths in my immediate area has me wondering if more-nefarious forces than Father Time are at work. As in the deep-state offering each of those ‘smiths a nice lump-sum cash payment to suddenly exit the firearms business. Paid for by your tax dollars, and non-disclosure agreements in full effect, of course. You never know….
On October 9, 2018 at 1:30 am, Dan said:
A mortgage is a contract. If this bank decides to “call in” the mortgage for ANY reason that isn’t listed in said contract then Spikes has cause to
file a lawsuit for damages. Which is EXACTLY what they must do. In an
honest court ( which is certainly not a guarantee) Spikes would win such a
lawsuit handily. If I was Spikes and had my mortgage called I’d sue for the entire cost of said mortgage plus fees and punitive damages. Just as
the left suffers nothing for engaging in libel, slander and character assassination because their targets never sue so too the banks are never held accountable by civil action. Start suing and these abuses will stop.
On October 10, 2018 at 2:42 pm, Henry said:
Fifth Third Bank has been a known wretched hive of liberal scum and anti-gun villainy for years now. Anyone in the gun industry depending on them for financial services just wasn’t paying attention to where he was walking.