In the wake of last week’s violence at the U.S. Capitol that outgoing President Donald Trump helped incite, the Florida-based Professional Bank has announced that it will be “winding down” its business relationship with the Trump Organization, cutting off yet another source of funding on which the outgoing president has previously relied. Professional Bank’s relationship with Trump extends back to 2018, when the institution provided an $11 million mortgage for the purchase of a Palm Beach home, while more recently, the bank held as much as $25 million in a money market account in the name of the outgoing president’s revocable trust, which holds assets from his business.
Professional Bank stated as follows:
‘Professional Bank has decided not to engage in any further business with the Trump Organization and its affiliates, and will be winding down the relationship.’
Deutsche Bank and Signature Bank, the latter of which is a New York-based institution, have also apparently decided to draw their relationships with Trump to a close. Deutsche Bank provided Trump with major loans worth hundreds of millions of dollars, repayments for which are due in 2023 and 2024, while Signature Bank, at least until recently, held millions of dollars for the outgoing president in personal accounts, including one in his own name and one in the name of his personal trust. Although Deutsche Bank has not yet publicly confirmed the reporting on their decision, Signature Bank offered public confirmation of the Trump action — adding that they “will not do business in the future with any members of Congress who voted to disregard the Electoral College,” either.
These developments aren’t the only pushback that Trump has faced after the recent deadly Capitol rioting that he helped incite. On Wednesday, New York City Mayor Bill de Blasio (D) revealed that NYC authorities would be ending four contracts with the Trump Organization for the operation of projects including a couple of skating rinks. According to de Blasio, who cited Trump’s role in the Capitol violence, these contracts were worth about $17 million a year to the Trump Organization. Meanwhile, the House was slated to impeach Trump — again — on Wednesday, and an eye-catching report in The New York Times from the previous day said that Senate Majority Leader Mitch McConnell (R-Ky.) himself was “pleased” with the action against the outgoing president.
