Libertarian ping! To be added or removed from my ping list freepmail me or post a message here.
Posted on 04/15/2006 2:54:28 AM PDT by restornu
The Charleston Urban Renewal Authority likely will pull $2.3 million from BB&T because of the bank's stance on eminent domain.
Urban renewal board members voted Wednesday to seek bids from other banks for the agency's checking and investment accounts.
"I would be surprised if we did not move it," authority director Pat Brown said after the meeting. He said he doesn't plan to ask for bids from BB&T unless the company answers questions he posed in two letters earlier this year.
BB&T Chairman and CEO John Allison announced in January the bank would not lend money to commercial developers that plan to build shopping malls, condominiums and other private projects on land taken from private citizens by eminent domain.
In response, Brown wrote Allison a letter saying CURA has helped Charleston eliminate slums and blight and build projects like Charleston Town Center and several housing projects through its power of condemnation.
"My question to him was ‘would you accept deposits from a government agency that uses eminent domain?' " Brown told board members. "I never got an answer."
Nearly a month later, Allison wrote to Brown that regional bank president Phyllis Arnold would be in contact. Arnold urged the renewal authority to delay.
Brown wrote Arnold on Feb. 22, asking if BB&T would finance redevelopment of the sites of the former Holley and Worthy hotels, which CURA bought through condemnation, or proposed housing projects in the new East End Community Renewal Plan.
"She called me prior to the March 15 meeting, asking me to defer action until the Legislature was finished," he said. "The board agreed to do that. I haven't heard from her since. Don't get me wrong. I'm a big fan of Phyllis Arnold."
Mayor Danny Jones criticized BB&T at the meeting. "What does their public position have to do with our legislation? They're just playing games. They're playing politics on something that's very serious. They either have a position or they don't. Follow up on it."
Arnold did not return a call Wednesday seeking comment. But Bob Denham, senior vice president for public relations in North Carolina, said 99 percent of the responses since January have been favorable.
"It's been extraordinary. We're still receiving e-mails, letters and phone calls from people thanking us for our position. I think we've had more than 1,000 new accounts because of our stand."
CURA is the first agency to pull its money from the bank, he said. "What BB&T is against is using eminent domain for private development of private property. That's the key component: Private use is an abuse of eminent domain."
They're playing politics on something that's very serious.
Eminent domain is serious when you use it to put the screws to property owners mayor!
Oh, the righteous indignation of a socialist when some person or business disagrees with them!
Go BB&T! I cheered when I initially saw this story. A couple of years ago, BB&T bought the bank my family had done business with for decades. If this represents the BB&T principles, we need more entities like them standing with us in the enment domain trenches.
Huzzah for BB&T
"$2.3 million"
mere pittance..
"What BB&T is against is using eminent domain for private development of private property. That's the key component: Private use is an abuse of eminent domain."
I'm marching down there Monday and opening up an account. Bump BB&T!
I would surmise that the greater quantity of money movement would be TOWARD the bank because of their stance on this matter. $2.3 million leaving will not phase BB&T in Charleston.
I hope they stand their ground.
This is great. Now if they'd just get rid of their stupid "NOo Guns" policy.
2.3 Mil is pocket change in the LowCountry...
If there was a branch somewhere nearby to me I'd do the same!
ping
Can't the voters disband the Urban Renewal Authority?
Libertarian ping! To be added or removed from my ping list freepmail me or post a message here.
I own stock in BB&T and will continue to buy more. This is a meaningless gesture.
A must see
http://www.freerepublic.com/focus/f-news/1614929/posts
Eminent domain, communist Chinese-style
well, every little bit helps.
Imagine if every bank did this. :)
I moved my company's business accounts to BBT because of this.
Unfortunately, I alone can not replace 2.3 million dollars in cash reserves. Perhaps enough little guys like me will do what I have done to make up for it.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.