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!
There is a website that maintains a list of all anti-2A businesses. I know I have bookmarked it but finding it is another issue. I will look and see if I can give you the link.
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 heard that BofA is actually owned by arabs. At any rate, I refused to step one foot in one of their banks since 2008. which was when they refused to cash a BofA cashiers check and started treating me like a second class citizen when I told them I was not interested in opening an account and only wanted to cash their cashiers check. FU#& that bank. I don’t do business with sh!ti bank anyways. and I ill not go to them for any business.
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.
@kjj, Write them a nasty letter and demand that they close your account and send the proceeds to your new bank, anyway. Let them spend half of a day looking for your nonexistent account!
I have a half million in 5/3. Not for long!
My local 5/3 bank in Michigan says they know nothing of this direction. They gave me names of gun dealers in the community they do business with. Could it be a rogue bank or just Florida?
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.
I agree with Joe as far as dealing with smaller banks that have a strong history. Bank Rate will tell you about a bank or credit union. I wouldn’t think of dealing with a large bank because they do not care about their customers.
Have a look at Wells Fargo as they just backed Ruger on a $40 million dollar loan.
If you go the backyard route I suggest that when putting money, especially used money in a closed, airtight container (where ever you put it) you include a desiccant to absorb moisture. If not, when you open the container you will find a really moldy, stink. The only way to get rid of it is to wash the money but be careful drying it. This is not a problem unless you are dealing with a couple hundred thousand dollars. Then drying becomes tiresome. The other suggestion is that if you are going to bury your money and guns in your… Read more »
As previously noted, Wells Fargo is still a viable option.
Where possible we have eliminated or reduced our financial dealings with B of A and Citi etc.
Realistically, as long as the dishonest and incompetent areas of the financial industry can always count on government bailouts, consumer activism won’t count for much.
Long term however the industry needs to develop its own internal financing and other transaction processing options.
Wells Fargo is only an option until they’re not.
It’s easy folks. We can do more damage to their money by making a pro 2nd amendment bank the place we do business at. WALK AWAY from them.
You all need to get behind Senator John Kennedy’s bill that would bar this type bad behavior by banks. Want to know more, look here
https://www.kennedy.senate.gov/public/press-releases?ID=7062E231-09F5-4D1D-9468-91ECDC724AA7
Evil, evil will people. Think!!! These are the same people WE went to school with! Dumb Asshole. About life. They are always trying to control and charge you for your money! Thieves in suits . Schemers , oh yeah they teach this in college. They think it’s funny and clever , to get more money out of your account. As I said before. College roommates told me many things bad about banks , as that is the line of work their fathers did . And the line of work they where going into. Credit Unions. Much.better but not by much… Read more »
Just the name “Fifth Third Bank” troubles me. Could it possibly place them down the line in capability from the Fifth Second or the First Third or even the Fourth Third Bank? Just asking.
What a bunch of low lifes, discreetly getting out of the firearms loan business, they don’t want their account holders too know their anti gun stance because it may hurt their bottom line for deposits from everyday gun owners.
I hope the bank loses mega bucks for their decision, selective discriminating needs to be broadcasted across the nation and the senate banking commission needs to be informed.
It’s Fifth Turd. What else should we expect?
I will be removing my account with Fifth Third bank today
Wells Fargo had taken a pro-gun position earlier. Have not heard any changes since.
What DICKHEAD came up with the name Fifth Third Bank ????
Who cares? They are the largest!
If everyone cancels there credit cards and transfers to a bank that doesn’t go against the 2nd amendment then that would send a message. We all need to do it. I did look at Dick’s they are loosing a ton of business and there stocks and dropping.
Are there any banking institutions out there that are friendly to the firearms industry instead of anti gun? Should I go old school and start burying my money in the backyard in a mason jar?
Wells Fargo is pro gun
Someone else on here noted they loaned millions to Rutgers
Fifth Third has that name because the third street bank merged with the fifth street bank
Well… we are in the process of leaving 5/3 bank behind, this update will accelerate the process.