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Citizens Financial Group &
ICE Detention Financing

What private banking and wealth clients should know about Citizens Bank's relationships with The GEO Group and CoreCivic.

Key Findings

  • Since 2012, Citizens Financial Group has participated in multiple financing arrangements with two of the largest private prison operators and ICE detention contractors, The GEO Group (GEO) and CoreCivic, through syndicated lending, underwriting, and administrative agent roles.
     

  • Citizens played a key role in facilitating credit agreement amendments in 2025 and 2026 that expanded revolving credit access and liquidity for GEO, providing additional capital flexibility for detention facility operations and expansion.
     

  • Multiple major U.S. banks publicly exited private prison financing beginning in 2019, citing reputational and ESG risk concerns. Citizens took on a more active role in financing in the sector. 
     

  • GEO and CoreCivic operate detention facilities under contract with U.S. Immigration and Customs Enforcement (ICE) and have faced repeated lawsuits, regulatory scrutiny, and serious allegations related to the conditions in their facilities.
     

  • CoreCivic and GEO Group have faced significant legal and financial exposure in recent years, including securities class action settlements totaling more than $59 million, tens of millions in state contract penalties against CoreCivic in Tennessee, and a court-upheld $23 million judgment against GEO Group for unlawful forced labor practices at an ICE detention facility.¹

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