BB&T takes a stand against eminent domain expansion

[soup]

The bank says it will not make loans to commercial projects where private land was seized.

By Associated Press
Published January 26, 2006

CHARLOTTE, N.C. - Regional bank BB&T Corp., one of the nation's largest financial institutions, will make no loans to developers who plan to build commercial projects on land taken from private citizens by the government through the power of eminent domain, the company said Wednesday.

"The idea that a citizen's property can be taken by the government solely for private use is extremely misguided; in fact, it's just plain wrong," John Allison, the bank's chairman and chief executive, said in a statement.

In an interview, BB&T chief credit officer Ken Chalk said the bank expects to lose only a tiny amount of business, but believes it was obligated to take a stance on the issue.
http://www.sptimes.com/2006/01/26/Business/BBT_takes_a_stand_aga.shtml

[juliana24]

1. Thankfully, someone still has a sense of decency these days !!!

Way to go !!!!

[soup]

2. "it's simply the right thing to do"

>> In its statement, BB&T said 38 states have recently passed or are considering laws to ban the use of eminent domain for private development. Similar legislation is pending before Congress.

"While we're certainly optimistic about the pending legislation, this is something we could not wait any longer to address," Chalk said in a statement. "We're a company where our values dictate our decisionmaking and operating standards. From that standpoint, this was a straightforward decision; it's simply the right thing to do."<<

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Color me 26 kinds of delighted and amazed! 'Bout fell out of my chair when I read the article.

[Kookaburra]

3. Amen!!!

[smb]

4. A Bank With Ethics (BB&T To Refuse Loans For Eminent Domain Projects)

BB&T To Refuse Loans For Eminent Domain Projects:

BB&T Corp. (BBT.N: Quote, Profile, Research), a large U.S. southeast bank, on Wednesday said it will not lend to commercial developers that plan to build projects on land seized from private citizens through eminent domain...

"The idea that a citizen's property can be taken by the government solely for private use is extremely misguided," BB&T Chief Executive John Allison said in a statement. "In fact, it's just plain wrong."...

[pushycat]

5. Yay for BB&T !!! There are still some Americans left in banking..

[AX10]

6. Support BB&T!

Send them an email of support!

:bounce:

[bizkit]

7. Contact

been a customer of theirs for years, never knew I'd be proud of a bank. letter support if you have the time, could not find his email...

contact info:

John Allison
PO Box 1250
Winston Salem, NC 27102

[Kelvin Mace]

8. So what's in it for BB&T?

It is highly unlike them to "do teh right thing" unless there is major profits to be had.

Call me cynical.

[420inTN]

9. They'll get more business from people who support they decision. n/t