In an odd move, Trump shifts some banking business to a small bank in Florida.

Last edited Thu May 23, 2019, 08:29 PM - Edit history (5)

The link to Professional Bank's web page is the second link below.


https://www.motherjones.com/politics/2019/05/in-an-odd-move-trump-shifts-his-banking-business-to-a-small-firm-in-florida/

With his relationship with Deutsche Bank under increasing scrutiny, President Donald Trump, in a move not previously reported, has recently shifted some of his banking business from this global institution to a small and relatively new bank in South Florida. As Democrats in Congress have requested information from Deutsche Bank about its dealings with Trump—the firm has loaned him billions over the years—he appears to have closed his brokerage accounts with the German company and has deposited millions of dollars in the Coral Gables–based Professional Bank, which last year gave Trump an eight-figure loan to buy a property adjacent to his private club Mar-a-Lago.

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Why did Trump move away from his bank of choice? One reason may be that, according to the New York Times, Deutsche Bank cut off Trump’s ability to borrow money in 2016. The newspaper reported that during the presidential campaign the Trump Organization sought to increase an existing loan by $10 million but the request was turned down by a committee of bank executives tasked with evaluating financial risk. The committee’s chair, Christian Sewing, who has since been elevated to CEO, reportedly said Deutsche Bank would not lend more money to Trump until he was no longer pursuing elected office.

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In recent years, Professional Bank has hired a handful of new executives who specialize in private banking, indicating an increased effort to cater to a high-net-worth clientele. In January, in what may be a sign of the bank’s rising profile, the firm’s president and CEO, Abel Iglesias, was appointed to the board of directors for the Miami branch of the Federal Reserve Bank of Atlanta. Iglesias was put in the post by the regional Fed’s board and not by the Federal Reserve’s Board of Governors, who are selected by the president. A spokesperson for the Federal Reserve Bank of Atlanta said there had been “no directives or contact” from the administration in regards to Iglesias’ appointment.

Given Trump’s often antagonistic relationship with the Fed, which he has blasted for raising interest rates, Iglesias’ appointment to a regional Fed position presents another conflict of interest posed by Trump’s business interests.

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More bank info here:

http://www.ibanknet.com/scripts/callreports/getbank.aspx?ibnid=usa_3816510