Community Banking at its Best

In a rare, but welcome move, a major bank has spoken out on a controversial political issue, and has taken a stand on the conservative side.

BB&T, based in Charlotte, NC, stated "will make no loans to developers who plan to build commercial projects on land taken from private citizens by the government through the power of eminent domain":

"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," John Allison, the bank's chairman and chief executive, said in a statement.

In an interview, BB&T chief credit officer Ken Chalk said the bank expects to lose only a tiny amount of business, but believes it was obligated to take a stance on the issue.

"It's not even a fraction of a percent," he said. "The dollar amount is insignificant."

But he added: "We do business with a large number of consumers and small businesses in our footprint. We are hearing from clients that this is an important philosophical issue."

Let's hope it's just the beginning.