APOPKA, Fla. –-(Ammoland.com)- Representatives from Fifth Third Bank visited Spike’s Tactical, a Florida-based firearm manufacturer, last Tuesday to inform them that the bank was discreetly planning to exit the banking sector for gun-related businesses.
According to Spike’s Tactical co-owner Angela Register, the bank representative informed her and their chief financial officer that their business line of credit would not be renewed and encouraged them to find a new bank to hold their accounts, even mentioning that their commercial mortgage should be transferred or it could potentially be called early.
“This is frightening because yet again, we’re continuing to see the Second Amendment under attack in more and more places,” said Register. “It also seems completely hypocritical that institutions, which have been and continue to be protected by guns, are now attacking the very industry that is often their first line of defense.”
Fifth Third Bank, which according to Forbes is one of the largest banking institutions in the U.S., has now apparently joined a growing list of banks, which are choosing to no longer do business with firearms manufacturers.
Earlier this year, Bank of America and CitiGroup, announced they would also begin restricting their business dealings with gun-related companies.
As a result of the decision made by Fifth Third, Spike’s is now looking for a new bank to help them manage their multi-million-dollar yearly revenue.
Banking is not the only angle where firearms manufacturers and dealers have been under attack. Companies like YouTube, Facebook, Shopify, Google, Walmart and Dick’s Sporting Goods have all made recent moves to restrict or prohibit gun-related business.
“We understand that the gun industry is not a protected class and that banks and other businesses can choose to not do business with us, but we also believe that customers should know if that vendor has decided to enter the political arena and they’ve taken a stand against guns,” said Register. “Additionally, this is yet another example that the market is beginning to look highly lucrative for companies to emerge that will solely support the gun industry, which is estimated at $51 billion per year and employs more than 300,000 people in the U.S.”
About Spike’s Tactical
Spike’s Tactical was founded the day before 9/11 by Mike and Angela Register and is headquartered in Apopka, Florida. The family-owned business employs around 40 people and all products are made exclusively in the USA and assembled in Florida. Spike’s Tactical is regarded as one of the premier AR-15 manufacturers in the world. Their mission is to build the highest quality products and offer them at the best possible price to the consumer. Spike’s Tactical weapons are designed to military specifications for civilian, law enforcement and military use. All products manufactured by Spike’s Tactical feature a manufacturer’s lifetime warranty.
Fifth Third Bank just had a shooting at their HQ in Cincinnati in September. Three victims died and two were wounded (one of whom was a woman shot twelve times and survived). The security guard in the lobby was unarmed. Had that guard been armed, the shooter might have been stopped sooner. I will never understand why they continue to take the “guns=bad” stance. I’ve been told by a friend who works in that building that the guards are now armed. I guess guns=not so bad after all. For those who wondered at the improper fraction, it came from the… Read more »
Is the list in the article a comprehensive list of anti-2A companies? If not, anyone know where to find one?
Thanks!
Wells Fargo simply decided to remain agnostic about gun issues. They figure their business is to move, keep and make money for their stockholders by doing business with any legal customer. Still, they are another mega banking corporation and therefore susceptible to stockholders, boards and regulators who could turn them on a dime.
Took me awhile to setup a new direct deposit. Closed my BofA account AND I let them why. Will be selling my BofA shares soon. F— them and the other anti 2A businesses.
I read here not long ago about the firearms community being in need of a social media outlet like facebook but without their anti bias. Many agreed it would be great to have such a choice. I agree. I would go further and suggest it is time for the industry parts of this community to stat investing in our own markets. Particularly in industry and individual accounts in finances. This would serve with high stakes money parts of our own community and put pressure on the non community enterprises who so want our bucks. Why would anyone choose to do… Read more »
I wish i belonged to any of these banks that are holding the 2nd Amendment hostage, just so i could write them a nasty letter and close my account.
I have a half million in 5/3. Not for long!
Just canceled all accounts at BofA and Citi. Navy FCU here I come !
“. . . . It also seems completely hypocritical that institutions, that have been and continue to be protected by guns, are now attacking the very industry that is very often their first line of defense.”
In related news, sheep are insisting that sheepdogs have their teeth removed, fully believing (in their feeble, childish minds, that the wolves and coyotes will do the same. . . .
I transferred all of my family banking out of Bank of America to Wells Fargo, including military retirement, two social security checks, a small monthly pension from Northrop Grumman, and a flow of monthly distributions from my investment retirement accounts. The process was a PITA that took 4 months, but I voted with my wallet. There are plenty of banks to do business with. I’m small peanuts, but 10 million of us doing that will be noticed.