Fifth Third to Halt Future Financing to Private-Prison Firms

Fifth Third Bancorp said it won’t provide future financing to companies that manage private prisons and immigration holding facilities.

“While these companies are not a material portion of Fifth Third’s business, we have decided not to provide future financing to this segment,” the Cincinnati-based lender said in a statement Monday. “We will honor the existing credit and loan commitments currently on our books, but we do not intend to enter any new financing arrangements with these companies.”