Cheltenham Closing Citizens Bank Accounts In Protest

CHELTENHAM TOWNSHIP, PA — Cheltenham Township is protesting its bank's involvement in financing companies that run immigrant detention facilities.

While Citizens Bank has stated that it would no longer lend to those companies, that decision was a little too late for the township.

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Officials have decided to close its two remaining Citizens Bank accounts and pull out $9 million from the bank. The money will be placed into accounts at Santander Bank after months of lobbying by residents.

"In light of concerns regarding Citizens Bank's reported associations with initiatives and policies perceived by many as hostile to immigrant communities, the Cheltenham Township Board of Commissioners has committed to divest all Township accounts from Citizens Bank," said a statement to Patch from Commissioners Board President Matthew Areman. "This decision reflects our commitment to ensuring that the Township's financial relationships are consistent with our values of inclusion, equity, and respect for all members of our community."

The township's tax collector, Melvin Pitts, said he is also closing his office's four Citizens accounts, but that process will take longer because of the nature of the accounts, which include real estate and income tax money, the Philadelphia Inquirer has reported.

"While the Board remains committed to protecting taxpayer resources and maintaining sound fiscal stewardship, we also believe that where we choose to do business is an expression of our community's values," Areman said.

The newspaper reported that commissioners said at a recent finance meeting that they had hoped to have the township's two remaining Citizens accounts closed already but hit some administrative hurdles.

Cheltenham was also waiting to receive pending state money in one of the accounts before closing it, township spokeswoman Lauren Walter said.