Two Miami-area banks have severed ties with Trump

Rob Wile
·1 min read

Two Miami-area banks have severed ties with Donald Trump and his affiliates.

On Friday, Miami Lakes-based BankUnited announced it was ending its relationship with the former president. New financial records show Trump maintained two money-market accounts there that held a total of more than $5.1 million.

“We never had a lending relationship with Donald Trump and we no longer have any depository relationship with him,” a bank representative said in an emailed statement.

Last week, Professional Bank also said it would no longer do business with Trump. The Coral Gables-based firm loaned $11.2 million to Trump’s family in 2018 to purchase a property adjacent to Trump’s Mar-a-Lago club in Palm Beach, and also held a money-market account in Trump’s name valued between $5 million and $25 million.

The terminations follow moves by Trump’s main financial backers, Deutsche Bank AG and New York-based Signature Bank, which ended relationships with Trump and his related business entities following the Jan. 6 riots on Capitol Hill. Signature, a longtime banker to Trump’s family, called on the former president to resign following the insurrection.

“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,” the bank said in a separate statement to Bloomberg News published Jan. 12.

“We have never before commented on any political matter and hope to never do so again,” Signature said in its statement. The bank will not do business in the future with any members of Congress who voted to disregard Electoral College results, Bloomberg reported.

The two Miami-area banks declined to elaborate on their decisions to sever ties.