Another bank has joined BB&T in refusing to fund eminent domain projects. From the North Country Gazette:
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."
Talk to your bankers about this and let them know it is important to you. Some banks will take a stand on principle. Others will react to market pressures. Either way, this is another way to fight against the potential consequences of the Kelo Decision.
