Citizens Bank has ENDED their financing of Energy Transfer Partners
March 2, 2018
BIG NEWS via The FANG Collective
Recently released financial disclosures from Energy Transfer Patterns (ETP) show that Citizens Bank has ENDED their financing of the pipeline company!
We are excited to make this announcement almost a year to the day that three people blockaded the entrance of the Citizens Bank headquarter building in Providence, RI to call out the bank's financing of ETP. In addition to this action, the Shame on Citizens Bank campaign organized demonstrations at bank branches and recruited people to publicly close their Citizens accounts. No DAPL RI also pressured the Providence City Council to cut their ties with Citizens Bank.
ETP is the company that built the Dakota Access Pipeline and deployed horrific violence against peaceful water protectors at Standing Rock. ETP is now trying to build reckless projects like the Bayou Bridge, Mariner East and Rover pipelines.
Read the press release here: http://shameoncitizens.org/press-release
#StopETP #NoDAPL #NoBayouBridge
Citizens Bank had contributed $72.5 million to a larger $2.5 billion revolving line of credit to Sunoco Logistics in March 2015. At the time Energy Transfer Partners partially owned Sunoco Logistics, and in April 2017 the companies fully merged. According to recently released SEC filings from Energy Transfer Partners, this $2.5 billion revolving line of credit was terminated ahead of schedule in December 2017. The line of credit was replaced by two new loans, which Citizens Bank elected not to contribute to.