Residents applaud township move to close Citizens Bank accounts; officials say closure is underway

At the June 17 Cheltenham Township meeting several residents urged the board to close township bank accounts at Citizens Bank, citing the bank’s financing relationships with private detention contractors. Residents referenced recent actions in other municipalities and asked the township to make clear why it was withdrawing funds.

Randy Libro and others told commissioners they welcomed the township’s previous 'welcoming' policy and urged divestment as a values-based action. "Citizens Bank has been the sort of the main hold out in the banking industry of providing financing to the Geo Group and CoreCivic," said a public commenter, urging the township to complete account closures. Multiple commenters asked that the township communicate the rationale publicly when the funds were withdrawn.

Manager Alyson Elliott responded that staff are in the final stages of closing at least one account and that the township had emailed Citizens Bank notifying the bank of the planned closure and the reasons for it. "We have communicated to Citizens Bank that we would be closing the account out once we go through all the closeout procedures and clear out any outstanding revenue that's coming and going," Elliott said. Board members said they were following up on prior commitments and thanked residents for their advocacy.

What’s next: staff said they will complete closeout procedures, coordinate necessary account transfers, and provide updates to the board and the public. Residents asked that the township publicly document the rationale for the closure when the transactions are finalized.