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Bank of America Cuts Ties With Remington

Bank of America said that its policy on financing makers of military-style rifles for civilians has not changed despite confusion over the bank providing a $43.2 million loan to Remington Outdoor Company when it emerges from bankruptcy.

BoA vice chairwoman Anne Finucane said in a statement last week that they had already been working on a deal when executives opted to change company policy on lending to gun makers. She explained when she made the announcement that it would be “on a go-forward basis.”

“The Remington bankruptcy financing commitment was in the works for some months and occurred before our current policy was in place,” Finucane said. “Remington is aware of the policy that we subsequently announced, and that policy will dictate our future actions after the bankruptcy proceedings conclude.”

Last month, BoA changed its policy in response to February’s school shooting in Parkland, Florida that left 17 people dead and 15 others injured. The gunman had used an AR-15 rifle, an item Finucane described as having “an outsized role in the mass shootings that have devastated so many of the communities that we serve.” She said in an interview that BoA would no longer provide financing to gun companies that manufacture military-style rifles for civilian use.

BoA’s relationship with Remington after the bankruptcy is unclear, but Finucane said the bank will engage with the “limited number of current clients” that manufacture the items for non-military use. “Unless it was their intent to cease such manufacture we would exit our relationship with them in an orderly and legal manner,” she said.

“We recognize that our policy is a small and imperfect step toward protecting the communities where we operate and where our employees and clients live,” Finucane said. “But, we feel that we are taking a balanced and respectful approach to address these challenges.”

Remington, which owns more than a dozen brands, manufacture said rifles and executives credit them to a notable percentage of sales each year. While the company does make weapons for the military, it is also tied to the infamous Sandy Hook school shooting. The gunman in that scenario used a Bushmaster AR to murder 20 first graders and six educators. The company has been embroiled in a lawsuit with victims’ families alleging irresponsible advertising.

The $43.2 million Remington will receive from BoA is part of a joint loan totaling $193 million. Seven banks have signed on to help put Remington back on a stable footing for when the gun maker exits bankruptcy. On paper, the deal had been in the works since Remington filed for chapter 11 protections in late March.

Remington expects to emerge from bankruptcy by the end of May. The bankruptcy court approved the company’s plan for reorganization, which will cancel more than $775 million of the company’s $1.3 billion debt load. The plan will transfer ownership from Cerberus Capital to creditors like major investment banks.

source: guns.com

21 Comments

  • snuffum

    BOA. Bank of assholes. Remington id filing bankruptcy anyway. Fk BOA

    Reply

  • glock 19 fan

    That is not their original name either; it was founded as Bank of Italy in order to make financing available to persons with names ending in a vowel. Apparently the bigwigs forgot that. They also should have done some research and they would have found that in Texas a neighbor of the chutch being attacked came to the rescue of the parishoners ***with his Ar-15***. In fact, guns SAVE far more lives than are taken. This scenario that keeps happening is looking more and more like a deliberate agenda: the buyer, even if he has other guns to choose from, invariably goes to the gun store and buys an AR-15. Also, it is guaranteed that he will “pass muster” to buy the gun because government – including Broward deputies – sit on their hands and do nothing. The shooter in Orlando – who apparently had money problems – bought a similar rifle but it was a SIG, a $2000 rifle. So who gave him the money?

    Reply

    • FedUP15232

      Probably the FBI.

      Reply

    • Minoo Inamdar

      hello glock… That is another reason for not using Bank of America–They are also huge supporters of PP. We terminated our account with BOA about 7 years ago. Sad that they do not have a consistent policy–they contribute to murder of innocents, yet they punish the law abiding citizens who want to keep their 2nd Amendment Rights.

      Reply

    • Minoo Inamdar

      Hello Glock–I just realized something else–They took over LaSalle Bank (and I remember that there was an issue with LaSalle Bank being European Owned and the US anti-Trust laws had something to do with the take over of the LaSalle Bank)–Who took over Standard Federal savings (with whom we had an account since about 1971)

      Reply

  • kenbarber

    i cut ties with BOA.

    Reply

  • tom

    cut my BOA cards up

    Reply

  • Letterman007

    Never had ties with BOA and for sure won’t now!!

    Reply

  • MajorPain

    Is it time for the American people to ask for their 2008 and 2009 Bailout money back with interest?

    Reply

  • Martin

    I plan to move my money to a credit union. Banks should must stay out of politics.

    Reply

  • Jmanjo

    These liberal banks that suck up to the gun grabbers jerks need to be avoided if they cannot do business within the rights and laws of the American people!

    Reply

  • The wise One

    BOA you are dead to me

    Reply

  • Timothy Toroian

    I’m going to bet that if this kind of nonsense gets to SCOTUS it will be declared unconstitutional. May be ex post facto.

    Reply

  • Wayne Baldwin

    Note to Bank of America: happy to say I am not a client of BoA and for certain sure never will be now. The day the bank I use makes a similar move is the day I quit them also. How do you define “military style weapons”? Based on what? The appearance, which is purely cosmetic having nothing to do with the style…. the similarity is in the rate of fire…. single pull of trigger = single shot. This is semi – automatic, which includes numerous “non-military type” of rifles…. stupid is as stupid does. Your leadership should do some research, provided free from the National Rifle Association, related to what makes a weapon “military style…” Your ignorance and bias is too obvious…
    By the way, I am the NRA and I do banking in America and proudly support a wonderful American company called Remington Arms.
    God bless America and God bless the new president of the NRA, Oliver North, USMC Ret.

    Reply

  • Joseph Morgan

    Bank of America, what a LIE. This bank has been the lefts biggest supporter and was at the bottom of all the 2008 shit when the people of the U.S. suffered because of the underhanded ways just to make the demo-rats look good. And because they did their shit the demo-rats gave billions in bailout and the bank executives all got very hefty bonuses, all the while people lost their homes and jobs and the elderly lost their retirements. They should be avoided! Bank of the unamerican.

    Reply

  • higgy01

    I’m sure there are a multitude of financial institutions that will be happy to service Remington. I severed ties with BOA mainly because they were incompetent.

    Reply

  • Sam Spirit Wolf Shoemaker

    Military styled weapons or not , it is not the weapons that kills people , it’s the moron that pulls the trigger that kill’s people ! I have left my AR lay on my kitchen table loaded and it has never killed anyone ! So Democrats’ get a life and stop attacking our second amendment rights !!!!!

    Reply

  • Charles Douglas

    i am going to be crude and rude fuck bank of america

    Reply

  • usmcb10

    I have closed my BOA card along with my CITI card and am in the process of closing my account with First bank card center of Omaha,and don’t forget Life lock who all have turned their backs on the NRA. I refuse to do business with any business that tries to undermine our constitutional rights

    Reply

  • Mac147

    Ever since BOA started to gobble up its competitors they think their system can’t be toppled. But given time they will fall because everyone knows about their shady business deals that they had to pay for. They still do them so this is just their own way of trying to cover up their dirty deeds. Hopefully Ms.Finucane gets her ass held up, assaulted, & shot has no private body guards to protect her. Then she can feel what is like to live like the middle class & poor which she does her best to steal from us to make her fortune. We The People Are Pissed Off

    Reply

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