The bank that lent Trump money to buy an $18 million home next to Mar-a-Lago is the latest lender to cut ties with the president following the US Capitol siege
- Professional Bank on Tuesday said that it would no longer provide banking services to President Donald Trump or the Trump Organization.
- The Florida-based bank lent Trump $11.2 million in 2018 so that he could purchase an $18 million home next to his Mar-a-Lago club for his sister, Maryanne Trump Barry.
- Professional Bank "will be winding down the relationship effective immediately," a representative told Bloomberg.
- Professional Bank joined Deutsche Bank and Signature Bank, two of Trump's favored banks, in cutting ties with the president following the riot at the US Capitol last week.
Professional Bank on Tuesday said that it would no longer do business with President Donald Trump and the Trump Organization.
The bank, based in Coral Gables, Florida, joined two of Trump's biggest banking partners, Deutsche Bank and Signature Bank, in halting services for the president following the pro-Trump riot at the US Capitol on January 6 that left five people dead.
Trump borrowed $11 million from Professional Bank in May 2018 to buy his sister, Maryanne Trump Barry, an $18 million home in Palm Beach next to his Mar-a-Lago club, Bloomberg reported. Trump's personal financial disclosure and county records indicate the loan has a 4.5% interest rate and matures in 2048, Bloomberg said.
"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 effective immediately," a spokesman, Eric Kalis, said in an emailed statement to Bloomberg.
Kalis didn't provide any more details on Trump's dealings with Professional Bank.
Trump's most recent financial disclosure, from July, showed that in addition to the loan, he had a money-market account at Professional Bank worth as much as $25 million that paid up to $1 million in annual interest.
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.
A representative for Signature Bank told Bloomberg that it had stopped doing business with Trump and called for his resignation. The New York-based lender said it was closing two personal accounts worth about $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 before commented on any political matter and hope to never do so again," it added.