Posted on 01/26/2006 11:15:24 AM PST by JZelle
BB&T Corp., the second-biggest bank in the Washington area, said yesterday that it will not lend money to developers who plan to build commercial projects on land taken from private citizens through the power of eminent domain. "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," said John Allison, the bank's chairman and chief executive officer. BB&T Chief Credit Officer Ken Chalk said the North Carolina bank expects to lose only a tiny amount of business, but thinks it is obligated to take a stand on the issue. "It's not even a fraction of a percent," he said. "The dollar amount is insignificant." But, he added, "We do business with a large number of consumers and small businesses in our footprint. We are hearing from clients that this is an important philosophical issue."
(Excerpt) Read more at washingtontimes.com ...
JZelle - saw this in the print edition thanks for posting.
Pinging the DC Chapter in case you were thinking about finding a new bank.
Hurrah for BB&T!
How refreshing!
I may consider them next summer for new accounts! Definitely try to put a roll-over CD with them!
Not a tax thread but BB&T needs all the publicity we can give it. Please ping the tax threads.
A little more info here as well
http://www.freerepublic.com/focus/f-news/1564897/posts
The thing I don't like about BB&T is that they have no guns signs on the doors. Since I am a law abiding citizen I would disarm before entering. However, I don't think someone with criminal intent would do the same.
I've got my car loan with these guys.
Bought some BBT shares yesterday. A company with that kind of philosophy will likely do well in the long run.
That's what's known as "backbone". Thank you John Allison for sticking your neck out to protect all of us...
Makes me proud to bank there! Way to go BB&T!
Do all banks have no guns signs hanging on their doors or just BB&T?
Where do I open an account?
Not too many companies put philosophy ahead of potential profits. However, the ones that take a moral stand, i.e. no compromises with trial lawyers, do better in the long run.
I totally agree. The person quoted in the article mentioned that it was small percentage of revenue they would lose. I think they will recoup that percentage in new clients with this move.
Bravo, BB&T!
Have been banking with them for several years, have no reason to change - espeically now.
I'm sure some developer will sue them and the Extreme Court will say they have to make these loans. After all, if every bank did this, it would undermine the objective the Court ws trying to achieve in the Kelo case.
I know BB&T and Wachovia do. Wachovia didn't always. They added them about 2.5 years ago or so.
Suntrust does not and neither did Southtrust before Wachovia bought them. I don't believe Bank of America does either. There are some smaller local banks I have seen that don't have "no guns" signs too. Of course, there are smaller local banks that do as well.
My bank. Good on em.
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