Bank Mergers in Late Nineteenth-Century New England: The Contingent Nature of Structural Change

Naomi R. Lamoreaux

The Journal of Economic History, 1991, vol. 51, issue 3, 537-557

Abstract: Although New England's unit banking system was declining in profitability during the late nineteenth century, the existing competitive environment prevented large institutions from outperforming their smaller rivals. As a result, there was little change in the structure of the banking system during this period. At the turn of the century, however, a wave of mergers radically transformed the banking sectors of Boston and Providence. Although the greater profitability of the mergers indicates they were a better fit to the economic environment than their smaller predecessors, their creation was only made possible by a special combination of historical circumstances.

Date: 1991
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