The Bank Merger Wave: Causes and Consequences

Alfred Broaddus

Speech from Federal Reserve Bank of Richmond

Abstract: I'm delighted to be here today to talk with you about the wave of bank mergers that is sweeping across our country-our hometown included. While Richmond had experienced some sizable ripples earlier, as we all know, the really big wave last year and earlier this year left very few local institutions in its wake. Many Richmonders are still adjusting to the loss of their banks and to the new, North Carolina-based, financial landscape. Residents of other U.S. cities—including large, proud cities like Philadelphia and San Francisco—are experiencing similar adjustments and emotions due to bank consolidations.

Date: 1998-09-17
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