BB&T Won't Lend to Eminent Domain Abusers

North Carolina-based bank BB&T--the nation's ninth largest financial holding company--announced today that they would not lend money to any developer who tried to take advantage of the Supreme Court's ruling in Kelo v. City of New London and abuse the power of eminent domain to seize property for redevelopment.

“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,” said BB&T Chairman and Chief Executive Officer John Allison.

“One of the most basic rights of every citizen is to keep what they own. As an institution dedicated to helping our clients achieve economic success and financial security, we won’t help any entity or company that would undermine that mission and threaten the hard-earned American dream of property ownership.”

BB&T - News Release: BB&T Announces Eminent Domain Policy

Related links: The Castle Coalition, a project of the Institute for Justice