FOR
IMMEDIATE RELEASE
January 24, 2007
Urban Trust Bank to Open Bank
Branches Inside Select Wal-Mart Supercenters
WASHINGTON, D.C. (January
24, 2007) – Robert L. Johnson, Chairman
of The RLJ Companies, today announced execution of an
agreement between Urban Trust Bank, FSB, a federally
chartered savings bank, and Wal-Mart Stores, Inc. Under
the agreement, Urban Trust Bank intends to lease space
inside select Wal-Mart stores and open retail banking
outlets.Urban Trust Bank (UTB) retail banking outlets
in Wal-Mart Supercenters will offer a full suite of banking
products and services to customers during convenient
hours, as well as provide access to credit and financial
education. Through its branches inside Wal-Mart
stores, UTB will emphasize its focus on wealth creation
for diverse communities and educational tools that improve
customers’ financial capabilities.“Our banking
alliance with Wal-Mart extends a philosophy that is intent
upon providing additional wealth creation opportunities
for Wal-Mart customers and associates. Our alliance
will allow Urban Trust Bank to reach its target market,
provide more convenient locations to our customers, and
grow our customer base,” said Johnson.“Urban
Trust Bank brings banking services to Wal-Mart customers
in underserved urban and minority communities,” said
Lee Scott, Chief Executive Officer of Wal-Mart Stores,
Inc. “I'm proud to embark upon a strategic alliance
with Bob Johnson and Urban Trust Bank to bring affordable
financial services to these communities.”
About Urban Trust BankUrban
Trust Bank (UTB), formerly Metro Bank of Orlando, FL, is
a federally chartered savings bank with its headquarters
in Bethesda, MD. UTB is majority owned and controlled by
The RLJ Companies. In 2006, UTB established its Washington,
D.C. flagship branch at 1350 I Street NW, just blocks from
the White House. The new name and vision rededicates the
institution to serving the community with excellent banking
and financial services in a customer-focused environment.Originally
incorporated in the Washington Shores section of Orlando,
Florida in 1963, Urban Trust’s predecessor, Metro
Bank, served the Orlando community for nineteen years.
Today, Metro Bank’s original branch office continues
to serve the Orlando community and is still located at
715 South Goldwyn Avenue. In March 2006, the federal
stock of Metro Bank was acquired by The RLJ Companies. Urban
Trust Bank’s flagship stands today at the epicenter
of the dynamic Washington, D.C. business center, the first
branch and headquarters for a bank focused on offering
quality banking services to the diverse, rapidly changing
urban environments in the United States.
About The RLJ CompaniesThe
RLJ Companies provides strategic investment and direction
in and for a diverse portfolio of companies in the financial
services, real estate, hospitality/restaurant, professional
sports, film production, gaming and recording industries. An
innovative business network, The RLJ Companies seeks to
target undiscovered or underserved markets, then exercise
solid management and achieve results. The RLJ Companies’ core
businesses include: NBA Charlotte Bobcats and Charlotte
Arena Operations; RLJ Development, a privately held hotel
real estate investment company, and the RLJ Urban Lodging
Funds I and II which together have more than $3 billion
in assets under management; RLJ Hedge Fund of Funds, a
joint venture with Deutsche Bank; RLJ Equity Partners,
a joint venture with the Carlyle Group; Rollover Systems,
a financial services company providing retirement plan
rollover services; Caribbean Gaming and Entertainment (C.A.G.E.)
a gaming operation headquartered in Puerto Rico.
About Wal-Mart StoresWal-Mart
Stores, Inc. operates Wal-Mart discount stores, Supercenters,
Neighborhood Markets and Sam’s Club locations in
the United States. The company operates in Argentina, Brazil,
Canada, China, Costa Rica, El Salvador, Guatemala, Honduras,
Japan, Mexico, Nicaragua, Puerto Rico and the United Kingdom.
The company is listed on the New York Stock Exchange under
the symbol WMT. More information about Wal-Mart can be
found by visiting www.walmartfacts.com.
Online merchandise sales are available at www.walmart.com.
Contact:
Jason Llorenz
The Caraway Group
202-378-0259
jason@thecarawaygroup.com
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