Mmm,Mmm Good! Another Bank Shows Eminent Domain The Door

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SaveArdmoreCoalition's picture
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Joined: 2005-10-13 :14
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This time the bank is from the Midwest. Banks are getting our anti-eminent domain religion. 'Bout darn time....

North Country Gazette / New York State
Another Bank Refuses To Fund Eminent Domain Projects

Excerpt:
"ARLINGTON, VA---Montgomery Bank, which has six branches in St. Louis and five branches in Southeast Missouri, announced late last week that "it will not lend money for projects in which local governments use eminent domain to take private property for use by private developers."

In a press release issued by the bank, Chief Operating Officer Troy Wilson said, "The sanctity of private property ownership is one of the hallmarks of our individual rights as private citizens. Eminent domain should only be used for public projects, not to benefit private developers."

Joel Montgomery, vice-chairman and general counsel, added, "We've already witnessed the chaos unleashed on local communities when city councils and private developers threaten to use this type of legislation."

The century-old financial lending house with $800 million in assets is the first Missouri bank to take a principled stand against eminent domain for private development. One week earlier BB&T-the nation's ninth largest financial holdings company with $109.2 billion in assets-became the first in the nation to refuse loans to projects involving the threat or use of eminent domain.

"Banks refusing to fund eminent domain for private gain makes sense both financially and as a customer matter," said Institute for Justice President and General Counsel Chip Mellor....Steven Anderson, the coordinator of the Castle Coalition-a nationwide grassroots network determined to stop the abuse of eminent domain in their communities-said, "Missouri has one of the worst records of eminent domain abuse in the country. By taking this courageous stance, Montgomery Bank is helping to stop the railroading of individual rights in the Show Me State." "

Full Text: http://www.northcountrygazette.org/articles/020606NoBucks.html

Hmmm...which bank is next to play follow the leader???? This is exciting!!!!

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