N.C. Bank To Refuse Development Loans Involving Eminent Domain
Posted January 25, 2006
WINSTON-SALEM, N.C. — One of the nation's top banks plans to reject loans to developers who are involved in deals where land is seized through eminent domain.
Officials from Winston-Salem-based BB&T made the announcement on Wednesday. The chief credit officer said the bank was obligated to take a stance on the issue.
Eminent domain allows governments to take citizen's property for private use. The bank said it only expects to lose a fraction of a percent of business with the new policy.