[CPEO-BIF] "Banker: Pollution, not economics, behind Myrtle Beach [SC] condominium failure"

[Lenny Siegel <lsiegel@cpeo.org>]

Banker: Pollution, not economics, behind Myrtle Beach condominium  
failure

By David Wren
Myrtle Beach Sun News (SC)
July 23, 2013

CONWAY - A bank executive in charge of lending money for a proposed  
condominium development near the AVX Corp. manufacturing facility in  
Myrtle Beach said it was environmental contamination, not the bank’s  
precarious financial condition, that caused him to pull the plug on a  
construction loan.

Charles W. Fisher III - a senior vice president with the former Beach  
First National Bank - testified during the opening day of a  
groundwater contamination trial that a nearly $1.9 million loan to  
build the first phase of the Southern Pines condos was almost ready  
to close when he read a story in The Sun News in late 2007 about  
pollution that was spreading from the manufacturer’s property on 17th  
Avenue South through the groundwater in a roughly 10-block  
neighborhood, including the proposed condo site.

Fisher said the bank did not loan money on contaminated property, so  
he had no choice but to cancel the loan.

...

For the entire article, see
http://www.myrtlebeachonline.com/2013/07/23/3601144/banker-pollution- 
not-economics.html#

--

Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org

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