Montgomery Bank Refuses To Fund Eminent Domain Projects
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Joining BB&T, Montgomery Bank is refusing to fund any future Eminent Domain project. What I appreciate is that the comments by the executives with the bank. They have taken a logical and thoughtful stand, and it is appreciated.
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.” via North Country Gazette.
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