Bank of America Will Still Stop Lending to AR Makers Despite Giving Loan to Remington

When Bank of America announced its decision to stop lending to companies that make AR-pattern rifles, it wasn’t clear how the policy would affect the firearms industry. Now we know more, and it doesn’t look promising.

Reuters reported earlier this week that Bank of America had contributed $43.2 million to a $193 million lending package designed to help Remington recover after emerging from bankruptcy. BoA struck the deal with Big Green before changing its firearms policy, but that didn’t stop David “Boycott Everything” Hogg from criticizing the bank for honoring its commitment.

Now a new Reuters report indicates that the bank might be caving to the high schooler’s pressure. Vice Chairman Anne Finucane said in a letter that “Remington is aware of the policy that we subsequently announced, and that policy will dictate our future actions after the bankruptcy proceedings conclude.”

“Let me be clear,” she continued, “we are not changing our policy to end financing of the manufacture of these military style firearms.”

Reuters notes that while BoA is unlikely to pull out of the deal for fear of legal action, they could sell their participation once Remington exits bankruptcy.

A more troubling scenario is buried at the bottom of Reuters’ original report. One corporate restructuring specialist suggested BoA could have used the new credit facility as leverage to demand that Remington stop making AR-pattern rifles.

SEE ALSO: Investors Force Ruger to Produce Gun Safety Report

“It’s perfectly reasonable for them to say to any borrower, ‘We’re happy to lend to you if you don’t make military-style assault weapons,’” said Ted Gavin of the Gavin/Solmonese LLC restructuring advisory firm. “The lender has all the power.”

It is unclear whether they will seek to use that power to advance Hogg’s agenda or sell their participation to another bank. Whatever they decide, their anti-gun stance poses a legitimate existential threat to the firearms industry. If other banks choose to follow BoA’s lead, gun manufacturers could be forced to choose between staying in business and making AR-pattern rifles.

Not all BoA’s shareholders are taking the new policy lying down, however. Conservative activist Justin Danhof pointed out at a recent shareholder’s meeting that the bank has an obligation to its investors to make profitable loans.

“The company is willfully giving up money,” Danhof said of the guns pledge.

Danhof puts his finger on the silver lining of this debacle: when banks discover that virtue-signaling isn’t profitable, they might reconsider their politically-motivated policies.

***Buy a Remington Rifle on GunsAmerica***

{ 20 comments… add one }
  • Frank May 19, 2018, 1:12 pm

    I’m going to max out my B/A 30 K and vanish!

  • joefoam May 18, 2018, 8:51 pm

    I put one last purchase on my B of A card, a gun. Now I can pay it off, cut it up and never use it again.

  • James Summers May 18, 2018, 11:42 am

    Wow, corporate bank ” might be caving to the high schooler’s pressure.”
    If high school students can exert that kind of pressure to cause a bank to change policy, then why doesn’t every weapon owner flood the bank with letters, phone calls and Emails to change back.
    Seems to be lack of motivation and easier to just jaw your discontent to like minded persons.
    Stand up and let the bank know they do the policy change at their own peril.
    The gun owning public normally have more finances than a student.

    • BRASS May 18, 2018, 2:53 pm

      In this case, the ‘highschooler’ in question is financially backed, coached and puppeteered by big money anti-gun groups. George Soros is a big contributor to many of them.
      This kid barely out of short pants, smart as he may be, does not have the knowledge, experience or resources to mount an effective presence.
      Who pays for all his expenses? Who pays for his travel? Who pays him a wage to live on? Who pays for expensive media campaigns and productions?
      Americans need to look behind the curtain to see who the wizard is, David Hogg isn’t it.

      • larca May 18, 2018, 4:12 pm

        @Brass, amen. David Hogg knows nothing; he is backed by / a puppet of folks like Bloomberg and Soros. They have the funding, organization, and speaking points. They just recruited him to be a “face” of their private movement. No way he did any of this organizing or has any power on his own.

  • Tyrone Greene May 18, 2018, 10:20 am

    It was for this reason, I and my family members each left en-total BOA for another bank.

  • Andrew May 18, 2018, 9:38 am

    And I am in the process of moving all my accounts to Wells Fargo

    • Jim May 18, 2018, 5:42 pm

      Careful with Wells Fargo also.

      But Wells (WFC) chief financial officer John Shrewsberry told reporters Friday that the bank is “not currently setting policy in our extension of credit.”

  • Ronnie U May 18, 2018, 9:06 am

    Everybody should apply for a Bank of America credit card and just never use it. (EVER)
    It costs them $$$$$ to maintain the card and spending the $$$$ on a few million credit cards not being used will let them know that they screwed up listening to the child spokesperson of the socialist communist democratic party named DAVID HOGG.

    • Alex May 18, 2018, 11:27 am

      I was going to cancel my two credit cards with BOA but after reading your comments I’m going to keep them open.

      • larca May 18, 2018, 4:13 pm

        @Ronnie, @Alex — it does absolutely no good to keep those accounts open and unused *UNLESS* you tell BofA that you are doing that and WHY you are doing it. I hope that’s your plan.

  • don May 18, 2018, 7:56 am

    BOA should be careful who they listen to David is an Idiot, it’s real simple it doesn’t matter about the weapon it’s the person, if he doesn’t like it move to England

  • Dale May 18, 2018, 2:50 am

    Just remember, Bass Pro Shops use Bank America charge cards. Find another way to charge and do away with them.

    • Luke May 18, 2018, 7:03 am

      Hope you don’t mind if I add to your admonishment, Dale.

      Here are some card addresses and credit card provider addresses to some of the more commonly-held cards by gun owners: do as you see fit. Some of the addresses are repetitive because of differences in billing and customer service locations and differences between card admin addresses and card providers (banks): more is better.

      Since facts don’t matter to anti-gun lobbyists. . .OR, what passes for journalists these days. I’ve just likewise acted on perception like they do. BA can split hairs all they want but, in the end, they are very much anti-Constitution.

      For myself, I have canceled all cards from Capital One, Bank of America, CitiGroup and Synchrony. They include Home Depot, Lowe’s. Menard’s, Cabela’s, Bass Pro Shops, Sears, CitiBank, Sam Ash and Walmart.

      There’s some really lucrative 0% financing through some of these providers (2-5% fee) but at what cost really?

      Bank of America
      P.O Box 15019
      Wilmington, DE 19886-5019

      Bank of America
      P.O. Box 982234
      El Paso, TX 79998-2234

      Bass Pro Shops
      2500 East Kearney
      Springfield, MO 65898

      Cabela’s Corporate Office and Headquarters
      1 Cabela Drive
      Sidney, NE 69160

      Capital One
      41550 Wewatta Street
      Denver, CO 80202

      Capital One Retail Services
      P.O. Box 7680
      Carol Stream, IL 60116 7680

      CitiBank Customer Service
      P.O. Box 6500
      Sioux Falls, SC 57117

      Home Depot Credit Services
      P.O. Box 900100
      Louisville, KY 40290-1010

      Home Depot Credit Services
      P.O. Box 790328
      St. Louis, MO 63179

      Lowe’s Advantage Credit Card
      Synchrony Bank
      P.O. Box 530914
      Atlanta, GA 30353-0914

      Menards Corporate Office
      4777 Menard Drive
      Eau Claire, WI 54703

      Sam Ash
      Synchrony Bank
      P.L Box 960061
      Orlando, FL 32896-0061

      Sears Private Label General Enquiries
      P.O. Box 6275
      Sioux Falls, SD 57117

      Sears Consumer Payments
      P.O. Box 9001055
      Louisville, KY 40290-1055

      Sears Mastercard General Inquiries
      P.O. Box 6475
      Sioux Falls, SD 57117

      Synchrony Bank
      P.O. Box 530914
      Atlanta, GA 30353-0914

      Synchrony Bank
      Walmart
      P.O. Box 105972
      Atlanta, GA 30348-5972

      The Progressive Corporation
      6300 Wilson Mills Road
      Mayfield Village, OH 44143

      Walmart Corporate Headquarters
      702 SW Eighth Street
      Bentonville, AR 72716

      Cancel credit card account number ______________________.

      I will not knowingly support anti-gun or anti-hunting credit card providers, retail entities or insurance companies. The financial benefit of these products and financial arrangements are not worth the sacrifice of Constitutional liberty. I will not support a political lobby that intentionally champions the loss of my liberty as an American Citizen and a Veteran of the United States armed forces.

      So far my list of credit card cancellations includes all Capital One, Citigroup, Bank of America and Synchrony Bank cards as well as Progressive and Liberty Mutual insurance products. These include the following credit cards: Menards, Home Depot, Cabela’s, Bass Pro Shops, Sears, Lowe’s, Sam Ash and others.

      Sincerely,

      Veteran
      USN 1970-74

      • Dr Motown May 18, 2018, 8:00 am

        That sucks because I use Cabela’s as my primary card in order to earn valuable savings points on hunting/ammo purchases. Maybe we need to petition Cabela’s and Bass Pro to move to a different cc provider

        • Luke May 21, 2018, 5:39 am

          Doc:
          I doubt world banking systems of this size pay any attention at all to their clientele. Insurance companies sure as hell don’t. But, their executives and boards are pretty quick to act in a biased manner when they want to.

          David Hogg isn’t old enough to even have a worthy FICO score. And yet, news media allowed that little shit a global platform to lie and to undermine the Constitution of the United States while insurance companies and banking executives removed financial support from anybody who criticized him.

          So, this is why I’m no longer interested in patronizing credit card providers who pander to left wing politicians.
          I just don’t like them speaking for me on Constitutional matters. They’re all sick and will likely stay that way.

          Wells Fargo Bank has its issues, no doubt. Being against the Constitution isn’t one of them. But then, EVERY major banking system has had its warts discovered at some point.

          You mentioned Cabela’s perks. I hear ya. I’ve given up generous 0% Lowe’s & Home Depot generous financing offers as well as Sam Ash’s 24 month 0$ offers. I know. . .it likely won’t make a difference but, I sleep better not knowingly supporting banks that intend to destroy the Constitution.

          Vietnam Era Vet
          1970-74

  • Sepp W. May 13, 2018, 2:37 pm

    Regardless of what BOA does, every person that cares about their rights and has a checking or savings account with BOA should close them, along with their BOA-issued credit cards. Easier said than done though.

    • Vash May 18, 2018, 4:57 am
    • James Miller May 18, 2018, 7:30 am

      Should not be that difficult…just move everything to Chase or Wells Fargo if a nationwide bank is needed, otherwise patronize a small local bank or credit union. Balance transfers to a credit card issued by above banks takes care of that. A little time and effort is needed, but what worthwhile thing does not require that?

      • Luke May 21, 2018, 5:54 am

        James:

        That is some of the best advice for gun owners. Local credit unions are typically not interested in making political statements or rocking the political boat in any way. That, and there isn’t anything you can do with any anti-Constitutional bank card or store card that you can’t do with a credit union Mastercard or Visa.

        For myself, I’ve pared things down to a credit union card, a Wells Fargo Card and three Chase Cards.

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