- Florida-based Professional Bank said on Tuesday that it will no longer provide banking services to President Donald Trump or the Trump Organization.
- The bank lent Trump $ 11.2 million in 2018 so he could buy a $ 18 million house next to his Mar-A-Lago club for his sister, Maryanne Barry Trump.
- Professional Bank “will end the relationship immediately,” a spokesman told Bloomberg.
- Professional Bank joins Deutsche Bank and Signature Bank, two of Trump’s favorite banks, to cut ties with the president after the United States Capitol riots.
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Florida’s Professional Bank said on Tuesday it would no longer do business with President Donald Trump and the Trump Organization.
He joins two of Trump’s biggest banking partners, Deutsche Bank and Signature Bank, in suspending banking services with the president after the pro-Trump riots on the United States Capitol on January 6, which left five people dead.
Trump borrowed $ 11 million from Professional Bank in May 2018 to buy his sister, Maryanne Barry Trump, a $ 18 million home in Palm Beach next to his Mar-A-Lago club, Bloomberg reported. The loan has an interest rate of 4.5% and matures in 2048, according to Trump’s personal financial disclosure and county records, cited by Bloomberg.
“Professional Bank has decided not to engage in any further business with the Trump Organization and its affiliates and will terminate the relationship immediately,” said Eric Kalis, a spokesman for the company based in Coral Gables, Florida, in an email statement to Bloomberg.
Kalis did not provide further details about Trump’s negotiations with Professional Bank.
In addition to the mortgage, Trump’s most recent financial disclosure in July shows that he also had a money market account with Professional Bank of up to $ 25 million, which paid up to $ 1 million in annual interest.
Deutsche Bank broke off commercial relations with Trump and his company, a person familiar with the matter told Bloomberg on Tuesday. The president owes the German bank more than $ 300 million.
Read More: Could Trump massively forgive his supporters who protested on Capitol Hill? Constitutional law experts weigh
Signature Bank also stopped doing business with Trump and asked for his resignation, a bank spokesman told Bloomberg. The New York-based creditor is closing two personal accounts worth about $ 5.3 million, he said.
“We believe that the appropriate action would be the resignation of the President of the United States, which is in the best interest of our nation and the American people,” Signature Bank said in a statement.
“We have never commented on any political issue before and hope to never do that again,” he added.