Sections
Home » New Economy » A Separation of Church and Bank

Get a FREE Issue. Yes! I want to try YES! Magazine

Nonprofit. Independent. Subscriber-supported. DONATE. How you can support our work.

YES! by Email
Join over 78,000 others already signed up for FREE YES! news.
[SAMPLE]

Town Hall Sidebar

The YES! ChicoBag(R). Full-size tote that fits in your pocket!

 

A Separation of Church and Bank

Video: After Bank of America foreclosed on thousands of homes in their San Jose parish, the members of this Catholic church bid it goodbye—and took $3 million with them.

church divestment stillThere were more than 3,500 foreclosures in Father Eduardo Samaniego's San Jose parish in 2008. The banks were unwilling to work with the community to keep people in their homes, and the number of houses that were standing empty were becoming a blight on the community and devaluing the remaining homes.

Most of the mortgages were held by Bank of America—which also controlled the accounts of the church and its affiliated school.

So what did the congregation do? They divested the Most Holy Trinity Catholic Church's money from Bank of America and moved funds to a local credit union. The hope is that transferring the church's sizable accounts—totaling $3 million—will make Bank of America take note. 


Interested?

Email Signup
Comment on this article

How to add a commentCommenting Policy

comments powered by Disqus


You won’t see any commercial ads in YES!, in print or on this website.
That means, we rely on support from our readers.

||   SUBSCRIBE    ||   GIVE A GIFT   ||   DONATE   ||
Independent. Nonprofit. Subscriber-supported.




Current Issue Footer

Personal tools