Excerpt from Interstate Banking and Branching: Hearing Before the Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Third Congress, First Session, October,... 26, 1993
I also agree with you that some of the concerns about interstate branching have been greatly exaggerated. The durability of small banks in States that have long permitted full statewide branching amply demonstrate that community banks will survive and prosper in a world of interstate branching and banking.
Concentration concerns are often overstated because mutual funds, securities firms, insurance companies, and other financial services providers increasingly compete with banks to attract de posits and make loans. Finally, there is no indication that inter state branching would accelerate the flow of funds in and out of communities that currently takes place via mutual funds, bank in vestment and securities, and sales of Fed funds.
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