“The industry has been shrinking for more than a decade and many community banks have gradually disappeared,” writes Bankrate.com.
“But conditions are ripe for a comeback. Though challenges lie ahead, the newest entrants believe there’s a place for them and customers to serve who aren’t getting their needs for loans, checking or savings accounts met elsewhere.”
Sensible observers always knew a sector recovery would take some time — regulations to be written, capital to be organized. (See our May, 2018 piece, “…Fed: you’re up next.”)
Still, with US economy entering its 10th year of recovery, the continued decline of local banking and financial institutions is worrisome.