The number of small town banks has diminished, creating a thirst for new entrants into a vital part of America's economy.
The number of community banks in our nation is at the lowest point in recent history. From a high of 18,033 in 1985, there were 5,477 as of the third quarter of 2018. Because of the interest and value in community banks, many have sold to larger institutions as heavy consolidation has occurred in the banking sector. This consolidation creates opportunities for investors to start new community banks.
In an op-ed published by The Wall Street Journal in 2016, JP Morgan Chase Chairman and CEO Jamie Dimon wrote:"In this system, regional and smaller community banks play an indispensable role. They sit close to the communities they serve; their highest-ranking corporate officers live in the same neighborhoods as their clients. They are able to forge deep and long-standing relationships and bring a keen knowledge of the local economy and culture.
"Community banks tend to be relationship lenders, characterized by local ownership, local control, and local decision making. By carrying out the traditional banking functions of lending and deposit gathering on a local scale, community banks foster economic growth and help to ensure that the financial resources of the local community are put to work on its behalf. Community banks have always been inextricably connected to entrepreneurship.
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