Nation's ninth-largest bank to cease eminent domain loans

Greensboro News & Excuse ^

[Littlejon]

CHARLOTTE (AP) — Regional bank BB&T Corp. 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, chairman and chief executive of the Winston-Salem-based bank, said in a statement.

[RogueIsland]

As someone with a mortgage through BB&T, I say good on ya, mate.

[PAR35]

I predict that BOA will buy BB&T within the next 5 years.

Probably not. Too much overlap - they'd end up having to dump most of the branches. More likely one of the national players with small market share in the area.

[Mr. Bird]

Good points. I think the philosophical calculus is thus: eminent domain seizures really can only have a negative impact on a bank as a corporation. You'll never find a government seizing private property to put up the next 1st National. And any liens or titles held by the bank to property seized would hardly ever receive "fair" market value, regardless of what is supposed to happen. Supporting eminent domain is like rooting for Nazis. It's impossible to justify.

So, a nice little statement to possibly attract new business (check the comments here) with little to no downside. Well done.

[muawiyah]

It's the same problem with illegal aliens ~ too many CountryClubRepublican scum and riff-raff are involved in the crime for the rest of us to have any hope the GOP will ever move against it effectively.

[dirtboy]

It's a nice gesture, but is pretty much symbolic. The slack will be taken up by the nation's tenth-largest bank, or fourth-largest bank, or whichever bank is swayed more by potential revenue than by the desire to do what is morally right.

Unless BB&T gets a lot of new customers for its stand.

[doggieboy]

I switched all my accounts, home loans over to them several years ago. They are wonderful to do business with. Walk in the door...they know your name etc. I love these people. This is candles for the already iced cake.

[Brellium]

Probably not. Too much overlap - they'd end up having to dump most of the branches. More likely one of the national players with small market share in the area.

Most likely Chase/citibank/ or someone wanting to make a move into the national banking scene.

[B4Ranch]

Please call Bob Denham or Tom Nicholson and tell him that you appreciate the decision to protect our property rights.

With $90.4 billion in assets as of Sept. 30, BB&T Corp. is the nation’s 11th largest financial holding company. BB&T was named this year to the Forbes Platinum 400 list of America’s “Best Big Companies” for the fourth year in a row.

Bob Denham, Senior Vice President, Public Relations, (910) 914-9073

Tom Nicholson, Senior Vice President, Investor Relations, (336) 733-3058

For other investors who support our property rights.

[B4Ranch]

Here's a link that works to research BB&T

[Misterioso]

More on BBT:

http://www.publicrelations.uncc.edu/default.asp?id=15&objId=21

[B4Ranch]

These are the kind of men I would like to see sitting in the Senate, the Congress and the White House.

[TaxRelief]

And how are the leftists at the MSM reactiong? From a Charlotte Observer story:

[BB&T] has a long history of making slightly eccentric demonstrations of its commitment to corporate citizenship. For example, it has given $1 million to several Carolinas universities, including UNC Charlotte, to endow the study of the moral foundations of capitalism.

It also leaves BB&T standing alone. Experts said they were not aware of another bank with a similar policy. Bank of America Corp. said it had no such policy. Wachovia Corp. said it did not comment on lending policies.

Mind you...Wachovia is making reparations for earlier financing of lands that were legally (at the time) siezed from blacks. These guys are in so far over their heads that they couldn't possibly draw a parallel.

[TaxRelief]

NC *Ping*

Please FRmail Constitution Day, Alia OR TaxRelief if you want to be added to or removed from this North Carolina ping list.

[upchuck]

Heard this on Boortz yeaterday morning.

BUMP to BB&T!

[NCSteve]

We used to have our mortgage with BB&T. We had nothing but good experiences with that. We paid the mortgage off and they were good as gold about it. I may have to do more businees with them in the future.

[Kay]

Penny,

So good to see you here. I've missed your logical & polite posts! You were gone for so long last year.

I missed your posts in the autumn and I laughed as I read some idiot replies to you that said you used comas in the wrong place. Once again illustrating that you are a gentleman not to point out that the accuser used poor sentence structure.

I remember how you used to post most of the articles on Free Repulbic along with Kattracks, Rintense, & John Huang2.

Kay