*More than a year into a legal battle with a famous Boston church, OneUnited Bank is taking steps to foreclose on a loan to the Charles Street African Methodist Episcopal Church and auction off church property later this month (March), reports BCNN1.com.
Relations between Charles Street AME and its lender have been icy for some time, since the church has been unable to repay a $4 million construction loan on a nearby community center it was building. The bank, facing its own financial struggles and a $12 million federal bailout it has been unable to repay, sued the church in October 2010.
Now, the stakes in the fight have ratcheted up. In recent days, without warning to the church, the bank advertised that it planned to foreclose on the AME property, where worshipers have been congregating since 1939, as well as another property in Milton.
“It’s unfortunate that they had to resort to that,” the Rev. Gregory G. Groover Sr. said yesterday. “This is clearly a result of their anger around the litigation. Or maybe it was simply to humiliate and embarrass us.”
The high-profile fight pits a famous congregation – founded in 1818 on Beacon Hill and part of the Underground Railroad – against a bank owned by black executives who say their mission is community lending.
Read more here.
Want to read more articles like this one? Subscribe to EURnewsletter.
Got A News Tip or Video You Want to Share? Contact us HERE.
- Justice Dept. Sues City of Ferguson Over Pattern of Police Abuse
- Ruben Studdard, Fantasia Barrino Return to 'American Idol' This Week
- Kardashians Call Depiction in ‘People v. OJ’ Ep 2 ‘Ridiculous’
- Drama at ‘Fashion Police’ Between NeNe and Giuliana?
- Claudia Jordan, Jennifer Williams: Shots Fired Hours Before ‘The Next 15’ Premiere
- Ciara Cheered, Russell Wilson Booed at Knicks Game
- BET Names Brie Miranda Bryant SVP of Unscripted Programming
- Marcus Anderson Cast in John Ridley Drama Pilot ‘Presence’
- Black Paranormal Investigators ‘Ghost Brothers’ Set at Destination America
- Future Calls BS on Ciara’s $15M Defamation Lawsuit
- Discover More Stories on EURweb: Click Here