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Bank of America cutting ties with some makers of military-style guns

usatoday.comCharlotte, N.C.-based Bank of America is the latest U.S. financial institution to cut business ties with makers of the AR-15 rifle and other military-style weapons used in mass shootings like the Feb. 14 massacre at Marjory Stoneman Douglas High School in Parkland, Florida.

The AR-15 is the top-selling assault rifle in the U.S., despite the calls for it to be banned. USA TODAY

File photo taken in 2014 shows a Bank of America sign outside one of the U.S. banking giant’s locations in Philadelphia, Pa. (Photo: Matt Rourke, AP)

Bank of America will stop lending to business clients that manufacture military-style weapons for civilian use, becoming the latest U.S. financial institution to break ties with gunmakers following the mass shooting massacre at a Florida high school.

“We want to contribute in any way we can to reduce these mass shootings,” Anne Finucane, vice chairman of the Charlotte, N.C.-based banking giant, said during a Bloomberg TV interview on Tuesday.

“We do have a few manufacturers of military-style firearms” as clients, said Finucane. “We’re in discussions with them. We have let them know … it’s not our intention to underwrite or finance military-style weapons on a go-forward basis.”

The bank does lending or underwriting business with a “handful” of gun manufacturers, Finucane said, without identifying the companies.

The gunmakers’ reaction to the bank’s new policy was “mixed,” she said.

“There are those that I think will reduce their portfolio, and we’ll work with them, and others that will choose to do something else,” said Finucane.

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