First Republic Bank

The First Republic bank yesterday issued notice to close CITIZEN:Citizen bank accounts, A letter simply informing of the closure of current checking acconts was later discovered to have been activated by Meryll Lynch legal department stating that the type of products CITIZEN:Citizen produces are unsuitable for the bank to be seen doing business with.

No comment was available from First Republic, their representatives were hesitant to reveal any further details.

At a time when CITIZEN:Citizen’s work is being acquired for permanant colelctions of the worlds premier art museums, and that damian hirst is raising sales of 200million dollars the day that leahman brothers goes under, it’s a wonder why a move such as this be made, was it arch conservatism or petty mindedness on the banks part. Can it be that CITIZEN:Citizen is really provoking culture at this level?

“This comes after several altercations with larger institutions over the years”, says Philip Wood the founder of CITIZEN:Citizen “However I really can’t believe that our very own bank is closing our account due to the design and art objects we produce, we do atttempt to highlight and observe the boundaries between art design and culture, I never thought we’d be highlighted by the likes of Meril lynch as an obsticle to their commercial succes. I must admit it seems a very in oportune moment for the likes of banks and investment firms to take some moral high ground after the debacle of the last few weeks. If our commenting on drug culture in the 80’s or attitudes towards sexuality or brand slavishness seems a blight to their character, I suggest they take a long hard look at themselves pushing people further into debt and acting like rogue traders across the globes financial markets. I think a lot of us are becoming unsure of the idea that wealth will trickle down, yet it seems sure that debt and poverty do”

Several of the objects in CITIZEN:Citizen’s collection are part of the permanent collections of museums such as the NY MoMA and the SFMOMA. This really is unpresidented move by a bank. One more