Bank makes a huge statement....

Miguel sent me the link to this article and I thought it was very interesting. From the above title linked USA Today:

Regional bank BB&T 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 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 Wednesday.

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," said BB&T chief credit officer Ken Chalk. "We're a company where our values dictate our decision-making and operating standards. From that standpoint, this was a straightforward decision; it's simply the right thing to do."

BB&T is the nation's ninth-largest bank, with $109 billion in assets and more than 1,400 branches in 11 states and Washington, D.C.

In checking their corporate website, Branch Banking and Trust have an interesting history

While as it states in the USA Today article that they are not sure how much money making this type of a decision will cost them, I have to say first I think it's an awesome thing that they are doing. Second, I wonder how long before someone tries to sue them claiming it is discriminatory lending practice against those who want to use eminent domain for private development.

When most people only focus on the bottom line, it's nice to see a Bank as a policy stand up for property owners.