Claim: Bank of America has declined to continue doing business with a firearms manufacturer.
Example:[Collected via Facebook, April 2012]
McMillan Fiberglass Stocks, McMillan Firearms Manufacturing, McMillan Group International have been collectively banking with Bank of America for 12 years. Today Mr. Ray Fox, Senior Vice President, Market Manager, Business Banking, Global Commercial Banking came to my office. He scheduled the meeting as an "account analysis" meeting in order to evaluate the two lines of credit we have with them. He spent 5 minutes talking about how McMillan has changed in the last 5 years and have become more of a firearms manufacturer than a supplier of accessories.
At this point I interrupted him and asked "Can I possibly save you some time so that you don't waste your breath? What you are going to tell me is that because we are in the firearms manufacturing business you no longer want my business?"
"That is correct" he says.
I replied "That is okay, we will move our accounts as soon as possible. We can find a 2nd Amendment friendly bank that will be glad to have our business. You won't mind if I tell the NRA, SCI and everyone one I know that BofA is not firearms industry friendly?"
"You have to do what you must" he said.
"So you are telling me this is a politically motivated decision, is that right?"
Mr Fox confirmed that it was. At which point I told him that the meeting was over and there was nothing let for him to say.
I think it is import for all Americans who believe in and support our 2nd amendment right to keep and bear arms should know when a business does not support these rights. What you do with that knowledge is up to you. When I don't agree with a business' political position I can not in good conscience support them. We will soon no longer be accepting Bank of America credit cards as payment for our products.
Origins: On 19 April 2012, Kelly D. McMillan, Director of Operations for McMillan Group International, posted the above-quoted account on that company's Facebook page, stating that a during a meeting a Senior Vice President with Bank of America plainly told him the bank was no longer interested in doing business with McMillan Group because McMillan was now in the firearms manufacturing business. Mr. McMillan maintains his account accurately describes what took place at that meeting.
We contacted Bank of America for a response, and spokeswoman Anne Pace told us that while she could not comment on the bank's relationship with McMillan Group, she could tell us that Bank of America "has no policies that would prohibit us from doing business with clients in [the firearms] industry." As evidence, she pointed us to an April 2012 financial news article which mentioned, among other topics, a $250 million business deal involving Bank of America with Freedom Group Inc., one of the world's largest manufacturers of firearms and ammunition:
Elsewhere, talk of 8% area is out on the US$250m third lien senior secured notes from FGI Operating Co (Freedom Group Inc). The eight-yearnon-call three issue is being led by BofA Merrill, Deutsche Bank and RBC joint books. Proceeds of the deal, which is expected to price in the afternoon, will be used to fund bond tender offers. Freedom Group makes guns and ammunition.
