N.C. Bank To Refuse Development Loans Involving Eminent Domain

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.