In early May, Macalester placed 17 students on probation for violating a "college policy" on disturbing the rights of others and the school's functions and standards.

The students, representing the group named Kick Wells Fargo Off Campus staged a sit-in April 23 in protest of Macalester's relationship with Wells Fargo, as reported in a previous blog post.

The probation bars the students from holding internships, leadership positions in student government or other associations, participating in sports or the arts and studying abroad through fall semester, according to the Pioneer Press.

In response, more than 220 people signed a petition online Wednesday asking alumni to “not donate to the school while it discourages and punishes student leaders whose activism reflects the school's values.”

Laurie Hamre, vice president for student affairs, said only about half the students participated in the barricade because they knew there would be consequences, the Star Tribune reported.

The protest marks the second time a university in the Twin Cities has protested against a banking institution.

In January, students and faculty at the University of Minnesota protested the closing of Iranian students' accounts with TCF Bank.