Bank's Termination of Gun Shop Accounts May be Start of a Trend

Political pressure seeks to isolate a disfavored industry

In response to the December mass shooting of schoolchildren in neighboring Newtown, Conn.,  Obama said gun control would be a priority in his second term.

"I will use all the powers of this office to help advance efforts aimed at preventing more tragedies like this," Obama said during a speech at the White House.

Connolly and some of his long-time associates suspect those "powers" may be partly responsible for a caustic letter he received from Sovereign Bank, dated April 1, that said the bank was closing both his business and personal accounts. …

"I was told that I had 30 days from the date of the letter to withdraw all funds from Sovereign Bank and to close my safety deposit box," Connolly said. "This means my personal checking, my business accounts and my wife's personal savings account. I really had to scramble, and I went nuts opening up new accounts."