We want to let you know that we hear your comments and questions regarding one of our customers. While we cannot discuss the details of any individual client we work with, we can assure you the allegations being made are completely false. Bank of America does not have a policy that prohibits us from banking clients in this industry. In fact, we have numerous, longstanding customers in the industry.
In reviewing the facts of the case, we do believe there was a miscommunication with this client, and we have already reinforced our policies with our teams and with the client. We have also discussed with the client a transition period during which the client may be able to obtain a new source of funding.
George W. Smith
Commercial Bank Executive