Bank of America is still working with gunmaker Remington

A top Bank of America executive pledged in April that the bank wouldn't "finance military-style firearms for civilian...

Posted: May 8, 2018 10:59 AM
Updated: May 8, 2018 10:59 AM

A top Bank of America executive pledged in April that the bank wouldn't "finance military-style firearms for civilian use," but the bank is still lending $43 million to gunmaker Remington Outdoor Company.

Bank of America has been working with Remington since it filed for bankruptcy in March, contributing to a $193 million loan package, along with six other banks. Last week, a bankruptcy court judge approved the gunmaker's plan to exit bankruptcy before the end of this month.

Related: Bank of America exec says they won't finance 'military-style firearms'

Bank of America agreed to make the loan before vice chairman Anne Finucane told Bloomberg in April about a new company policy to stop funding the AR-15-style semiautomatic rifles made by Remington and other companies. Remington made the Bushmaster rifle that was used in a 2012 mass shooting that killed 26 children and educators at an elementary school in Newtown, Connecticut.

"This was a commitment that predated the comments in April, and because of the complexities of the bankruptcy, it's a commitment that we're keeping," said a source at Bank of America.

The source said that the bank will see the Chapter 11 process through to completion.

"We look forward to learning how Bank of America will influence Remington to change its ways to keep Americans safer," said Avery Gardiner, co-president of the Brady Campaign to Prevent Gun Violence. "We'll certainly be watching."

Some banks and Wall Street firms have backed away from doing business with the gun industry since the shooting at a high school in Parkland, Florida, in February, when an AR-15 Smith & Wesson rifle made by American Outdoor Brands was used to kill 17 students and educators.

Related: Bump stock maker Slide Fire will stop taking orders

Citigroup has said it would bar companies that it does business with from selling guns to people under the age of 21, and require customers to undergo background checks for all gun purchases.

Money manager BlackRock, the largest shareholder in gunmakers Sturm Ruger and American Outdoor Brands, has started offering clients the option of investing in funds that exclude firearms and retailers that sell them.

State Street, a top shareholder in Sturm Ruger, American Outdoor Brands and Vista Outdoor, said it's contacted those companies to learn how they "will support the safe and responsible use of their products." Private equity firm Blackstone said it asked a dozen outside hedge fund managers about their stakes in gun manufacturers and distributors.

Vista Outdoor said last week that it's "potentially" selling off its gun brands.

But Wells Fargo is bucking the trend, announcing last month that it plans to keep lending to gun manufacturers.

Indiana Coronavirus Cases

(Widget updates once daily at 8 p.m. ET)

Confirmed Cases: 34211

Reported Deaths: 2125
CountyConfirmedDeaths
Marion9761576
Lake3573186
Allen160069
Cass15877
St. Joseph126634
Elkhart126228
Hendricks116671
Hamilton115493
Johnson1097108
Madison58659
Porter53428
Bartholomew50834
Clark49741
LaPorte43023
Howard40428
Tippecanoe3933
Delaware38536
Jackson3821
Shelby37122
Hancock33127
Floyd31839
Boone31635
Morgan27824
Vanderburgh2662
Montgomery23817
White2338
Noble22821
Clinton2271
Decatur22431
Grant21022
Dubois1993
Harrison19422
Henry17211
Greene16924
Vigo1688
Dearborn16821
Monroe16712
Warrick16628
Lawrence15924
Miami1401
Putnam1367
Jennings1304
Kosciusko1271
Orange12622
Scott1193
Franklin1108
Ripley1086
Marshall1021
Carroll932
Daviess8516
Steuben832
Wayne785
Fayette777
Newton7710
Wabash772
LaGrange762
Jasper661
Washington521
Clay511
Jay500
Fulton491
Randolph473
Rush462
Pulaski460
Jefferson451
Whitley413
Starke393
DeKalb371
Sullivan351
Owen341
Brown331
Perry320
Wells310
Benton300
Knox280
Huntington272
Tipton251
Blackford252
Crawford240
Fountain212
Switzerland200
Spencer201
Parke170
Adams171
Posey160
Gibson152
Ohio130
Warren121
Martin110
Vermillion100
Union90
Pike60
Unassigned0167

Illinois Coronavirus Cases

(Widget updates once daily at 7 p.m. CT)

Confirmed Cases: 118917

Reported Deaths: 5330
CountyConfirmedDeaths
Cook771193603
Lake8238288
DuPage7620368
Kane6259176
Will5510273
Winnebago220955
McHenry153972
St. Clair112180
Kankakee90045
Kendall77819
Rock Island65124
Champaign6277
Madison57259
Boone44117
DeKalb3994
Sangamon34829
Jackson28210
Randolph2694
Peoria2218
McLean21813
Ogle2033
Stephenson2012
Macon19419
Clinton18617
Union15510
LaSalle15013
Whiteside13912
Iroquois1314
Coles12615
Out of IL1181
Warren1150
Jefferson10116
Grundy982
Knox980
Monroe9511
McDonough8711
Lee811
Unassigned800
Cass730
Tazewell725
Henry690
Williamson661
Pulaski560
Marion500
Jasper457
Macoupin452
Adams441
Perry420
Montgomery391
Vermilion391
Morgan361
Christian354
Livingston342
Jo Daviess320
Douglas270
Fayette203
Ford201
Jersey201
Menard200
Woodford192
Mason180
Washington180
Hancock170
Mercer170
Carroll162
Shelby161
Bureau151
Schuyler130
Bond121
Franklin120
Clark110
Crawford110
Fulton110
Moultrie110
Piatt110
Brown100
Cumberland100
Logan100
Wayne91
Alexander80
Henderson80
Johnson80
Effingham71
Massac70
Saline70
Greene50
Marshall50
De Witt40
Lawrence40
Richland30
Stark30
Clay20
Edwards20
Gallatin20
Hamilton20
Wabash20
White20
Calhoun10
Edgar10
Hardin10
Pike10
Pope10
Putnam10
Terre Haute
Clear
57° wxIcon
Hi: 74° Lo: 49°
Feels Like: 57°
Robinson
Clear
57° wxIcon
Hi: 74° Lo: 53°
Feels Like: 57°
Indianapolis
Broken Clouds
60° wxIcon
Hi: 72° Lo: 47°
Feels Like: 60°
Rockville
Broken Clouds
54° wxIcon
Hi: 72° Lo: 49°
Feels Like: 54°
Casey
Clear
59° wxIcon
Hi: 73° Lo: 54°
Feels Like: 59°
Brazil
Clear
57° wxIcon
Hi: 72° Lo: 49°
Feels Like: 57°
Marshall
Clear
57° wxIcon
Hi: 74° Lo: 53°
Feels Like: 57°
A calm evening is expected
WTHI Planner
WTHI Temps
WTHI Radar

WTHI Events