The number of community banks has declined sharply in the last few years. Part of the decline is owed to the fact that virtually no new banks have been created since 2009. Between 2004 and 2008, an average of about 300 commercial banks disappeared each year, mostly as a result of mergers. But these losses were offset by the creation of 146 new banks each year on average. From 2009 to 2013, we continued to lose about the same number of banks annually, but gained only 6 new banks on average each year.
Stacy Mitchell is co-director of the Institute for Local Self-Reliance, and directs its Independent Business Initiative, which partners with a wide range of allies to implement policies that counter concentrated power and strengthen local economies.
Latest posts from Stacy
- Statement on Sen. Warren’s proposal to Break Up Big Tech - March 8, 2019
- The FTC is Approving a Merger that Will Help Staples and Amazon Cripple Independent Businesses - February 26, 2019
- Dollar Stores Are Targeting Struggling Urban Neighborhoods and Small Towns. One Community Is Showing How to Fight Back. - December 6, 2018