Monday, April 23, 2012

Bank of America to gun company: Find another bank

McMillan Fiberglass Stocks, McMillan Firearms Manufacturing and McMillan Group International have been collectively banking with Bank of America for 12 years. But no more: In a recent meeting, the mega-bank told the firearms company that its business is no longer welcome.

Operations director Kelly McMillan told the Daily Caller that his company has never been late on a payment and has never bounced a check. The debt outstanding on its line of credit is at 61 percent.

But at the bank’s request, he said, the McMillan group of companies would soon be paying off its credit line and closing its accounts.

Writing Thursday on Facebook, McMillan described a meeting at his office with Ray Fox, a business banking Senior Vice President with the giant bank. What was originally scheduled as an “account analysis” meeting, however, quickly became a political smackdown.

The Bank of America emissary, he said, “spent 5 minutes talking about how McMillan has changed in the last 5 years and have become more of a firearms manufacturer than a supplier of accessories.”

“At this point I interrupted him,” McMillan said, and asked, ‘Can I possibly save you some time so that you don’t waste your breath? What you are going to tell me is that because we are in the firearms manufacturing business you no longer what my business.’”

Fox’s reply, according to McMillan? “That is correct.”

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