UPDATE: Click here to watch a video of Kelly McMillan discussing the Bank of America controversy.
Arizona-based McMillan, which produces custom-made rifles, ammunition, gunstocks and other related gear, recently announced that the Bank of America had apparently stopped doing business with McMillan because it made and sold firearms.
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According to FoxNews, “Kelly McMillan, operations director of the McMillan companies, said a bank vice president explained at a meeting [recently] that he no longer wanted McMillan's business because the companies manufacture firearms.”
“This has nothing to do with our financial position,” McMillan said. “He said the bank needed to assess the risk of doing business with a firearms manufacturer.”
McMillan added that he was visited, “by another Bank of America executive with essentially the same message and was not even offered an opportunity to restructure his debt or make some other deal, though his company has never missed a payment or bounced a check.”
A Bank of America spokeswoman denied McMillan's account, and told Fox News that Bank of America has never had any policies prohibiting them from banking or lending to clients in the firearms industry. She said that the bank has longstanding relationships with many companies in the industry.