Robert Johnson's Urban Trust Bank to Open Bank Branches Inside Wal-Mart Supercenters

Billionaire Robert Johnson's Urban Trust Bank has entered into an agreement to put its branches in select Wal-Mart stores.

Robert L. Johnson, Chairman of The RLJ Companies, today announced an agreement between Urban Trust 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, as well as provide access to credit and financial education.

"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.

At this point, the number of Wal-Mart stores (NYSE: WMT) with Urban Trust branches hasn't been decided, but it will be "fairly significant," says the bank's CEO, Dwight Bush.

"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."