Bank of America to Loan $43.2 Million to Arms Maker Remington

Bank of America Corp. (BAC)  will lend $43.2 million to Remington Arms, an assault rifle manufacturer.

The loan was pledged in March before the bank announced its plan to pull out from financing companies that produce "military-style" guns. Reuters noted, upon reviewing bankruptcy court documents, that Bank of America could pull out of the agreement but could face legal consequences if it doesn't finance Remington.

Remington is the maker of the Bushmaster rifle, the gun used in the Sandy Hook Elementary school shooting in 2012.

Bank of America shares were up 0.6% in premarket trading.

More from Politics

Trump Would Consider Intervening in Huawei Case to Close China Trade Deal

Trump Would Consider Intervening in Huawei Case to Close China Trade Deal

How Reduced China Import Tariffs Would Impact U.S.-Made Autos

How Reduced China Import Tariffs Would Impact U.S.-Made Autos

Jamal Khashoggi Among Killed Journalists Named TIME's 2018 Person of the Year

Jamal Khashoggi Among Killed Journalists Named TIME's 2018 Person of the Year

Huawei and Nissan Arrests Hitting Asian Confidence Hard

Huawei and Nissan Arrests Hitting Asian Confidence Hard

Taking a Leap of Faith Is the Only Way to Invest Right Now

Taking a Leap of Faith Is the Only Way to Invest Right Now