One of MyPillow CEO Mike Lindell’s banks has cut ties with him a month after citing him as a ‘reputation risk’

• The Minnesota Bank & Trust has terminated its business relationship with MyPillow CEO Mike Lindell.
• Insider obtained documents advising Lindell that his accounts will be closed on February 18.
• This comes a month after the bank called Lindell a “reputation risk” in a conversation with the pillow CEO’s staff.

MyPillow CEO Mike Lindell has been terminated as a client by the Minnesota Bank and Trust a month after the financial institution cited him as a “reputation risk.”

Insider viewed two letters sent to Lindell by the Minnesota Bank & Trust, dated February 11. In one letter, the bank noted that Lindell’s accounts would be closed by the bank by the end of business on February 18. 

“Any remaining collected balance in the account scheduled to be closed will be mailed to the address we have on file. Alternatively, before February 18, 2022, you may transfer, using online banking, the remaining balance directly to your other banking institutions,” read the letter.

Lindell told Insider that he has nine accounts at the bank but that they are not related to his main MyPillow business. He said that one account at the bank was connected to his website, Frank Speech, and that another was linked to the Lindell Recovery Network, the pillow CEO’s platform for addicts.

Lindell told Insider he is “disgusted” by the bank and accused them of “de-banking” and “canceling” him. 

“They just said, ‘Mike Lindell’s in the public eye, and we don’t want to be part of the news.’ And now they’re in the news, aren’t they?” Lindell told Insider. “They are evil for canceling us.”

Lindell added that he thought “someone” had “gotten to” Minnesota Bank & Trust and motivated them to terminate their relationship with him. 

“I’ve been in the news every day for a long time now,” Lindell said, adding that he thought the bank was trying to “destroy” him and Frank Speech. “They just want to attack Mike Lindell and close his accounts. That’s what I think.” 

Lindell told Insider that he had secured a backup bank but declined to reveal the financial institution’s name. He added that there would not be any disruptions to broadcasting on Frank Speech, the website from which he hosts his nightly “Lindell Report,” an hour-long daily show. 

According to Lindell, his being subpoenaed by the January 6 committee for his phone records raised concerns at the Minnesota Bank & Trust and its parent company, Heartland Financial USA. He said that senior executives at the financial institutions deemed him a “reputation risk” in a call with MyPillow’s financial controller. 

“But what if somebody came in and said, ‘You know what? We’re going to subpoena all of his account records and this and that,’ and we make the news?” a man Lindell identified as Tom Cardle, a senior vice president at Minnesota Bank & Trust, was heard saying in voice recordings obtained by Insider. 

Cardle didn’t respond to Insider’s multiple requests for comment on whether he was in the recordings, however Insider independently verified that the phone number was linked to an office line associated with Cardle. 

A representative for the Minnesota Bank & Trust did not immediately respond to a request for comment from Insider on the closure of Lindell’s accounts. 

Lindell remains one of the most vocal supporters of former President Donald Trump, and he recently told Insider he’s spent $25 million pushing Trump’s baseless voter-fraud claims. He is currently embroiled in a $1.3 billion defamation lawsuit with voting machine company Dominion Voting Systems and a separate defamation suit with voting company Smartmatic, both of which are suing him for peddling baseless voter fraud claims.