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. 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.
January 26, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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.
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