Now playing
01:34
Why Wayfair employees are walking out of work
Now playing
01:26
Why NASA calls landing the Mars rover '7 minutes of terror'
Now playing
03:09
Trivago CEO's son crashes live CNN interview
Now playing
01:09
Here are some of Budweiser's best Super Bowl ads ever
PHOTO: CNN
Now playing
03:07
Why major corporate donors halted funding to GOP
Steve Gray stands outside his home in Gillette, Wyoming. He called CNN concerned that, following the election of President Biden, that Gillette could become a "ghost town." He says he was laid off from an oil field job in 2015, then subsequently from another job in oil and then one in coal last year.
Steve Gray stands outside his home in Gillette, Wyoming. He called CNN concerned that, following the election of President Biden, that Gillette could become a "ghost town." He says he was laid off from an oil field job in 2015, then subsequently from another job in oil and then one in coal last year.
PHOTO: McKenna Ewen
Now playing
09:21
He called CNN after the election to share his biggest fear
PHOTO: Shutterstock
Now playing
04:42
Ever receive a package you didn't order? It could be a scam
Outgoing US President Donald Trump and First Lady Melania arrive at Palm Beach International Airport in West Palm Beach, Florida, on January 20, 2021. - President Trump and the First Lady travel to their Mar-a-Lago golf club residence in Palm Beach, Florida, and will not attend the inauguration for President-elect Joe Biden. (Photo by ALEX EDELMAN / AFP) (Photo by ALEX EDELMAN/AFP via Getty Images)
Outgoing US President Donald Trump and First Lady Melania arrive at Palm Beach International Airport in West Palm Beach, Florida, on January 20, 2021. - President Trump and the First Lady travel to their Mar-a-Lago golf club residence in Palm Beach, Florida, and will not attend the inauguration for President-elect Joe Biden. (Photo by ALEX EDELMAN / AFP) (Photo by ALEX EDELMAN/AFP via Getty Images)
PHOTO: ALEX EDELMAN/AFP/AFP via Getty Images
Now playing
03:05
Sales drop at Trump businesses hit hard by pandemic, toxic image
US President Joe Biden signs executive orders for economic relief to Covid-hit families and businesses in the State Dining Room of the White House in Washington, DC, on January 22, 2021. (Photo by Nicholas Kamm / AFP) (Photo by NICHOLAS KAMM/AFP via Getty Images)
US President Joe Biden signs executive orders for economic relief to Covid-hit families and businesses in the State Dining Room of the White House in Washington, DC, on January 22, 2021. (Photo by Nicholas Kamm / AFP) (Photo by NICHOLAS KAMM/AFP via Getty Images)
PHOTO: Nicholas Kamm/AFP/Getty Images
Now playing
02:42
Biden signs executive order to promote $15 federal minimum wage
White House senior adviser Kevin Hassett speaks with reporters at the White House, Friday, June 19, 2020, in Washington. (AP Photo/Alex Brandon)
White House senior adviser Kevin Hassett speaks with reporters at the White House, Friday, June 19, 2020, in Washington. (AP Photo/Alex Brandon)
PHOTO: Alex Brandon/AP
Now playing
05:08
Ex-Trump official who supports Biden stimulus plan speaks out
Miles of unused pipe, prepared for the proposed Keystone XL pipeline, sit in a lot on October 14, 2014 outside Gascoyne, North Dakota. (Photo by Andrew Burton/Getty Images)
Miles of unused pipe, prepared for the proposed Keystone XL pipeline, sit in a lot on October 14, 2014 outside Gascoyne, North Dakota. (Photo by Andrew Burton/Getty Images)
PHOTO: Andrew Burton/Getty Images
Now playing
01:58
Biden revokes Keystone XL pipeline permit
Now playing
03:17
Many believed conspiracy theories about Trump and the election. Now, they're losing faith
SAN ANSELMO, CALIFORNIA - JANUARY 08: The suspended Twitter account of U.S. President Donald Trump appears on an iPhone screen on January 08, 2021 in San Anselmo, California. Citing the risk of further incitement of violence following an attempted insurrection on Wednesday, Twitter permanently suspended President Donald Trump
SAN ANSELMO, CALIFORNIA - JANUARY 08: The suspended Twitter account of U.S. President Donald Trump appears on an iPhone screen on January 08, 2021 in San Anselmo, California. Citing the risk of further incitement of violence following an attempted insurrection on Wednesday, Twitter permanently suspended President Donald Trump's account. (Photo Illustration by Justin Sullivan/Getty Images)
PHOTO: Justin Sullivan/Getty Images North America/Getty Images
Now playing
04:29
What impact could deplatforming Donald Trump have?
Members of the Michigan Boogaloo Bois an anti-government group stand with their long guns near the Capitol Building in Lansing, Michigan on January 17, 2021, during a nationwide protest called by anti-government and far-right groups supporting US President Donald Trump and his claim of electoral fraud in the November 3 presidential election. - The FBI warned authorities in all 50 states to prepare for armed protests at state capitals in the days leading up to the January 20 presidential inauguration of President-elect Joe Biden. (Photo by SETH HERALD / AFP) (Photo by SETH HERALD/AFP via Getty Images)
Members of the Michigan Boogaloo Bois an anti-government group stand with their long guns near the Capitol Building in Lansing, Michigan on January 17, 2021, during a nationwide protest called by anti-government and far-right groups supporting US President Donald Trump and his claim of electoral fraud in the November 3 presidential election. - The FBI warned authorities in all 50 states to prepare for armed protests at state capitals in the days leading up to the January 20 presidential inauguration of President-elect Joe Biden. (Photo by SETH HERALD / AFP) (Photo by SETH HERALD/AFP via Getty Images)
PHOTO: Seth Herald/AFP/Getty Images
Now playing
04:37
Expert: Social media to extremism is like oxygen to fire
PHOTO: @Virgin_Orbit
Now playing
01:03
Watch this rocket launch from the wing of a jumbo jet
(CNN Business) —  

SunTrust is the fourth major US bank to end its business relationships with owners of immigrant detention centers on the border between the United States and Mexico.

Bank of America (BAC), JPMorgan Chase and Wells Fargo had previously cut ties with two publicly-traded prison owners CoreCivic (CXW) and GEO Group (GEO), both of which have come under fire for their work with the federal government, particularly because of reports of poor treatment of immigrants held at border detention facilities.

“Following an ongoing and deliberate process, SunTrust (STI) has decided not to provide future financing to companies that manage private prisons and immigration holding facilities. This decision was made after extensive consideration of the views of our stakeholders on this deeply complex issue,” SunTrust (STI) said in a statement to CNN Business on Monday.

SunTrust is in the process of merging with fellow regional bank BB&T (BBT), a deal that will require regulatory approval. The combined bank will be named Truist. BB&T (BBT) was not immediately available for comment.

That has Wall Street — and Corporate America in general — nervous about the perception that they are doing business with prison operators who have reportedly engaged in controversial practices, particularly regarding the treatment of migrant children. Companies often face customer and investor scrutiny when they do business with entities that fall out of public favor.

Bank of America isn’t the first to reduce exposure to prisons

A spokesperson for Bank of America (BAC) said last month that while the bank appreciates “steps [prison operators] have taken to properly execute their contractual and humanitarian responsibilities,” it ultimately decided to “exit the relationships.”

“Lacking further legal and policy clarity, and in recognition of the concerns of our employees and stakeholders in the communities we serve, it is our intention to exit these relationships,” the spokesperson said at the time.

JPMorgan Chase (JPM) announced in March it was cutting ties with the corrections facilities industry.

“JPMorgan Chase has a robust and well established process to evaluate the sectors that we serve,” the company said in a statement. “As part of this process, we will no longer bank the private prison industry.”

Scandal-ridden Wells Fargo (WFC) also disclosed earlier this year that it’s paring back its relationships with prison companies.

“Our credit exposure to private prison companies has significantly decreased and is expected to continue to decline, and we are not actively marketing to that sector,” Wells Fargo said in a business standards report released in January.

Prison operators respond to BofA

CoreCivic said in a statement on its website that “Bank of America’s decision is about politics, not about the company we are.”

“Like others before it, this decision is about caving to political pressure based on false and misleading statements about our company,” CoreCivic said. “CoreCivic has a 35-year track record of working with both Democrat and Republican administrations to help solve the very types of crises we are now seeing on our southern border.”

CoreCivic added that SunTrust has contractual obligations to work with the company through 2023.

“We fully expect SunTrust and others to honor their commitments,” CoreCivic added.

A spokesman for GEO said in a statement to CNN Business on Monday that “it’s unfortunate that misleading political activism has been allowed to impact a decade-long banking relationship.”

“The divestment efforts against our company are based on a false narrative and a deliberate mischaracterization of our role as a long-standing government services provider,” the spokesman added. “The GEO Group has never managed any facilities that house unaccompanied minors, nor have we ever managed border patrol holding facilities.”

Both stocks rallied Thursday but they have been under immense pressure lately due to the scrutiny regarding detention centers. Shares of GEO and CoreCivic have each plunged nearly 10% in the past week.