Bank of America vs. McMillan Conflict Draws National Attention
Last week, we reported that Bank of America (BofA) had told McMillan Group International (McMillan) to find a different business banking provider. The Daily Bulletin was one of the first media sources to break the story — our report appeared a few hours after Kelly McMillan posted the details on McMillan’s facebook page. According to Kelly’s post, he had been visited by a BofA Sr. Vice President who, in essence, told McMillan to find another provider of banking services within six months. BofA’s stated reason for terminating its long-standing relationship with McMillan was that the family-run, Phoenix-based company now manufactures rifles (and not just fiberglass stocks).
BofA Action Provokes Criticism from Gun Owners
Over the past week, BofA been the focus of a torrent of criticism from gun owners and those who support Second Amendment freedoms. Bank of America (the recipient of $45 billion dollars in federal TARP bailout loans) responded with a notice saying that it does NOT have a corporate-wide policy preventing BofA from doing business with gun manufacturers. BofA pointed to its participation in a very large financing for the Freedom Group (which includes Remington and Bushmaster). Nonetheless, the BofA Sr. VP’s message enunciated to Kelly McMillan — i.e. find another bank within six months — has not been repudiated.
Major Media Pick Up Story — And Glenn Beck Sounds Off
Public interest in this story grows by the day. Major newspapers and media outlets are now running the story.The BofA/McMillan controversy was the focus of Glenn Beck’s April 24, 2012 radio show. Beck opined that BofA’s response was confusing at best — BofA may say that it has no written policy against doing business with gun manufacturers, but this does not prevent BofA’s executives or regional bank managers from denying lines of credit to gun-makers.
NRA Interviews Kelly McMillan
On April 23rd, NRA Radio host Cam Edwards interviewed Kelly McMillan via telephone. In the interview, Kelly provided more details of his recent interactions with Bank of America. Those interested in this controversy can listen to the full interview by clicking on the YouTube Video embedded below:
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