Hallelujah: Paid In Full
First Baptist Church Of Glenarden Celebrates 15 Years, Retires $24 Million Mortgage
Story And Photography By Raoul Dennis
It was another one of those moments where faith connects directly with reality, the people seize a victory and to God goes the glory.
First Baptist Church of Glenarden celebrated 15 years on its 160-acre Worship Center Campus on September 18 and simultaneously retired its $24 million mortgage.
If you ask anyone in the over 300 member congregation in attendance they would say that with faith, hard work and commitment victories happen every day. But even they would have to admit that retiring a $24 million mortgage debt does not happen every day. When it does, it’s historic.
“Thank you for coming tonight. We are so grateful for the presence on this historic night in the history of First Baptist Church of Glenarden,” said Pastor John Jenkins. “Our church paid for over half of this [Sanctuary] building before we moved in.”
Although the respected pastor was comfortable being specific about the process and acquiring and leaving the fiscal management of the facility, the highly charged and emotional tone of the congregation pushed even him to simply embrace the big picture. First Baptist had successfully closed out not one, but two mortgages under his watch and leadership. The first was with the property on Brightseat Road and now, The Worship Center in the land that it sits on.
It includes an Empowerment Center and a 63,000-square-foot Family Life Center. Worship services and special events are viewed online in more than 20 countries.
Still, when the leadership at First Baptist partnered with in 2007 FVC Bank to do the deal and it was understood that two banks needed to be involved, Jenkins insisted that the second bank be one that was minority-owned.
“Pastor John K. Jenkins Sr.'s values have always been to help empower minority businesses where possible and prudent,” reported Jessica Hale, a media spokesperson for the church. “He has always sought to have minority banks and businesses included in our strategic initiatives - this is no different. Pastor Jenkins advised Deacon Gentry to include minority bank participation as a key aspect of the loan structure.”
The bank chosen was the Industrial Bank of Washington, D.C.
“Fortunately, Industrial Bank was properly positioned to meet the requirement. We are so delighted that this structure was able to be successful,” Hale said.
Jenkins proceeded to read aloud a heartfelt letter written by Industrial Bank of Washington, DC President and CEO Doyle Mitchell. In it, Mitchell recognized the fiscal management professionalism and dedication of the Jenkins-led church institution. He noted that such feats are rare but always possible and particularly special when demonstrated by organizations within the African-American community.
Click the audio bar “Pastor Jenkins And Industrial Bank Speak Of Retired Mortgage,” above to hear the full read of the letter.
“You will not be able to collect any more interest off of us,” Jenkins said with a smile as he wrapped the letter. “But it was a pleasure doing business with you.”
With that, Jenkins jumped into the highlight of the evening: first sprawling in large red letters of the oversized check to the bank, “PAID IN FULL,” he then took a lighter to the final mortgage statement and send it on to its final resting place.
God is Good and always on time. Just ask the folks at the bank – now they know, too.
