The bank merger wave: the economic causes and social consequences of financial consolidation
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Armonk, NY [u.a.]
Sharpe
1999
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| Series: | Issues in money banking and finance
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXI, 320 S. graph. Darst. |
| ISBN: | 0765603829 |
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MARC
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| 245 | 1 | 0 | |a The bank merger wave |b the economic causes and social consequences of financial consolidation |c Gary A. Dymski |
| 264 | 1 | |a Armonk, NY [u.a.] |b Sharpe |c 1999 | |
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| 650 | 4 | |a Bank mergers | |
| 650 | 4 | |a Consolidation and merger of corporations | |
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Record in the Search Index
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| adam_text | Table of Contents
List of Figures and Tables ix
Foreword xv
Preface and Acknowledgments xix
Chapter 1. Introduction 3
Why This Study? 3
Plan of the Book and Methodology 4
Economic Theories of Banking and Financial Markets 7
Banking, Credit Markets, and Community Development 10
Chapter 2. Overview 13
Introduction: A Capsule Summary of the Issues 13
The Logic of the Bank Merger Wave 15
Bank Mergers and Consolidation: Effects on Consumers and
Small Business jg
A Nationwide Evaluation of Home Mortgage Outcomes by
Race, Income, and Neighborhood 20
Conclusions and Recommendations 25
Chapter 3. Bank Mergers and Regulatory Policy from the 1960s
to the 1990s 34
Merger Experience and Regulatory Policy, 1966 1981 34
Cracks Open in the New Deal Banking System, 1961 1979 35
Regulatory Change and the Bank Merger Wave, 1980 1997 39
Case Studies of Recent Bank Mergers 47
Chapter 4. Explaining the Bank Merger Wave 50
Introduction: Three Approaches to Explaining Bank Mergers 50
Mergers to Allow Least Cost Absorption of Weak or Failing
Banks 51
Gains from Interstate Mergers 51
Mergers to Derive Benefits from Product Line Diversification 53
Mergers to Exploit Economies of Scale 54
Operating Efficiency Rationales for Bank Mergers:
A Summing Up 57
Equity Market Motives for Mergers 66
Wall Street Versus the Banking Industry? 67
Market Shift and Bank Consolidation 70
Chapter 5. The Ambiguous Basis for Regulating Bank Mergers 74
Introduction: Three Regulatory Approaches 74
The Excess Capacity Approach: The Market Is Dead,
Long Live the Market! 74
Defenses of the Traditional Regulatory Approach 75
Using Equity Market Reactions to Evaluate Mergers 77
An Ambiguous Regulatory Response to Bank Mergers? 79
Resolving the Ambiguities: Regulatory Oversight and Bank
Megamergers 80
Chapter 6. Evidence on the Effects of Bank Mergers and
Consolidation 88
Introduction: Another Armchair Sport or Big Brother? 88
The Price and Efficiency Effects of Bank Mergers and
Concentration 88
Bank Consolidation and Lending Patterns 91
Bank Consolidation and Small Business Lending 93
Bank Consolidation and Bank Branch Locations 94
Bank Consolidation and Banking Costs 97
Summary: The Effects of Mergers and Consolidation 100
Chapter 7. Banking and Lending Structures: Do Regional
Differences Matter? 106
Introduction: Operating, Competitive, and Social Efficiency 106
Local Financial Structure in the Globalizing World 109
Eastern and Western Banking Market Areas: An Overview 113
Eight Western Cities 116
Fair Share in Eight Western Cities 121
Eight Eastern Cities 126
Fair Share in Eight Eastern Cities 131
Summary 132
Appendix 7: Which Loans to Count? Conventional Versus
Nonconventional Home Purchase Loans 135
Chapter 8. Differential Access to Credit, East and West 137
Introduction: Probit Analysis of Access to Credit 137
Regression and Probit Analyses of Residential Credit
Markets: An Evolving Tradition 139
Model 1: A Probit Approach to Comparative Access to Credit 144
East, West, and Differential Access to Credit 149
Sorting Out Differences in Financial Infrastructure 161
Summary 163
Appendix 8 A: A Probit Model of the Residential Credit Market 165
A Model of the Probability of Loan Approval 167
Comments 169
Appendix 8B: A Method for Classifying Financial Infrastructures 171
Chapter 9. Regional Patterns in Credit Market Disadvantage and
Financial Structures 174
Introduction: Cities and Lenders 174
Multidimensional Disadvantage in Credit Markets 177
Southwestern Cities 181
Mountain/Plains and Midwestern Cities 203
Northeastern Cities 212
Southeastern Cities 223
Banking Infrastructure, Credit Flows, Discrimination, and
Bank Consolidation 238
Conclusion 249
Chapter 10. Bank Concentration, Strategic Interaction, and
Access to Credit 251
Introduction: Why Should Concentration in Banking Markets
Matter? 251
Economic Aspects of Banking Market Concentration and
Market Power 252
Market Concentration and Access to Credit in Ten California
Cities 256
Discussion: Concentration and Access to Credit 264
Chapter 11. Conclusions 266
Introduction: Don t Worry, Be Happy? 266
The Causes of the Bank Merger Wave 269
The State of Play in Banking and Bank Consolidation 271
The Social Efficiency of the Banking System 273
The Likely Effects of Bank Consolidation on Consumers and
Communities 275
Bank Concentration and the Social Efficiency of the Banking
System 276
Chapter 12. Ten Recommendations for Public Policy 279
Introduction 279
Merger Policy 280
Community Reinvestment Act Policy 281
The Community Reinvestment Act and Bank Merger Policy 282
Banking Safety Umbrella Policy 283
Notes 287
Bibliography 299
Index 309
List of Figures and Tables
Figures
Figure 1.1 Two Views of the Bank/Community Relationship 11
Figure 2.1 U.S. Commercial Bank Mergers and Assets Acquired,
1980 1997 14
Figure 3.1 Commercial Bank Earnings Trends, 1966 1996 40
Figure 3.2 Commercial Bank Dividends as Percent of Net Income,
1966 1996 41
Figure 3.3 U.S. Commercial Bank and Savings Institution Employees
and Offices, 1966 1997 44
Figure 3.4 Total Number of U.S. Commercial Banks and Savings
Institutions, 1966 1996 46
Figure 3.5 Causes of Reductions in Commercial Bank Population,
1966 1996 46
Figure 3.6 Causes of Increases in Commercial Bank Population,
1966 1996 47
Figure 4.1 Bank Efficiency and Bank Profitability 65
Figure 6.1 Checking Account Costs at Commercial Banks, 1989 1996 99
Figure 6.2 Checking Account Costs at Savings Associations, 1989 1996 100
Figure 6.3 ATM Withdrawal Fees for Noncustomers, Commercial
Banks vs. Savings Associations, 1989 1996 103
Figure 6.4 Fees for Noncustomer Money Orders and NSF Checks,
Commercial Banks vs. Savings Associations,
1989 1996 103
Figure 6.5 Transaction Account Costs by Bank Size, 1995 and 1996 104
Figure 6.6 Service Charges by Banking Institution Size, 1995 104
Figure 7.1 Public and Private Information Channels in the Credit
Market 112
Figure 7.2 Home Purchase Market Share by Lender Type in Sixteen
Eastern and Western Cities, 1996 116
Figure 7.3 Home Purchase Loan Approval Rates by Lender Type in
Sixteen Eastern and Western Cities, 1996 117
Figure 8.1 Race and Lower Income Coefficients from All Lender
Probits for Fifteen Eastern and Western Cities, 1996 155
ix
x LIST OF FIGURES AND TABLES
Figure 8.2 Race and Lower Income Coefficients by Lender Type
from Probits for Seven Western Cities, 1996 158
Figure 8.3 Race and Lower Income Coefficients by Lender Type
from Probits for Eight Eastern Cities, 1996 158
Figure 8.4 Race and Lower Income Coefficients by Bank Type
from Probits for Seven Western Cities, 1996 160
Figure 8.5 Race and Lower Income Coefficients by Bank Type
from Probits for Eight Eastern Cities, 1996 160
Figure 8.6 Financial Offices per 100,000 Population, City Averages
in Different U.S. Regions, 1996 163
Figure 8B.1 1996 Financial Offices per 100,000 Population by Size
of Metropolitan Area in 1990 172
Figure 8B.2 1996 Financial Offices per 100,000 Population by Minority
Population Proportion in 1990 173
Figure 9.1 Average Market Share in Selected Southwestern and
Midwestern Cities, Home Purchase Loans, 1992,
1995, and 1996 184
Figure 9.2 Market Volume in Selected Southwestern and Midwestern
Cities, Home Purchase Loans Made, 1992 and 1995 184
Figure 9.3 Financial Offices per 100,000 Population in Selected
Southwestern Banking Markets, 1996 185
Figure 9.4 Denial Rates by Lender Type in Selected California and
Southwestern Cities, Home Purchase Loans, 1996 188
Figure 9.5 Market Share in Lower Income Areas of Selected
California and Southwestern Cities, Home Purchase
Loans, 1996 189
Figure 9.6 Minorities in the Applicant Pool of Selected California and
Southwestern Cities, Home Purchase Loans, 1996 190
Figure 9.7 Residential Lending Disadvantage in Los Angeles County,
1996 200
Figure 9.8 Residential Lending Disadvantage in Southern California
Cities, 1996 200
Figure 9.9 Residential Lending Disadvantage in Inland California
Cities, 1996 201
Figure 9.10 Residential Lending Disadvantage in Northern California
Cities, 1996 201
Figure 9.11 Residential Lending Disadvantage in New Mexico Cities,
1996 202
Figure 9.12 Residential Lending Disadvantage in Five Texas Cities, 1996 202
Figure 9.13 Financial Offices per 100,000 Population in Selected
Mountain/Plains Banking Markets, 1996 205
Figure 9.14 Financial Offices per 100,000 Population in Selected
Midwestern Banking Markets, 1996 206
LIST OF FIGURES AND TABLES xi
Figure 9.15 Denial Rates by Lender Type in Selected Mountain and Mid¬
western Cities, Home Purchase Loans, 1996 208
Figure 9.16 Market Share in Lower Income Areas of Selected
Mountain and Midwestern Cities, Home Purchase
Loans, 1996 209
Figure 9.17 Residential Lending Disadvantage in Mountain/ Great Plains
Cities, Home Purchase Loans, 1996 214
Figure 9.18 Residential Lending Disadvantage in Iowa Cities,
Home Purchase Loans, 1996 214
Figure 9.19 Residential Lending Disadvantage in Indiana Cities,
Home Purchase Loans, 1996 215
Figure 9.20 Residential Lending Disadvantage in Minnesota Cities,
Home Purchase Loans, 1996 215
Figure 9.21 Average Market Share in Selected Eastern Cities,
Home Purchase Loans, 1992, 1995, and 1996 216
Figure 9.22 Market Volume in Selected Eastern Cities, Home Purchase
Loans, 1992 and 1995 216
Figure 9.23 Financial Offices per 100,000 Population in Selected
Northeastern Banking Markets, 1996 217
Figure 9.24 Denial Rates by Lender Type in Selected Northeastern
Cities, Home Purchase Loans, 1996 220
Figure 9.25 Market Share in Lower Income Areas of Selected
Northeastern Cities, Home Purchase Loans, 1996 220
Figure 9.26 Minorities in the Applicant Pool of Selected Northeastern
Cities, Home Purchase Loans, 1996 221
Figure 9.27 Residential Lending Disadvantage in Pennsylvania Cities,
Home Purchase Loans, 1996 228
Figure 9.28 Residential Lending Disadvantage in New York Cities,
Home Purchase Loans, 1996 228
Figure 9.29 Residential Lending Disadvantage in Massachusetts Cities,
Home Purchase Loans, 1996 229
Figure 9.30 Residential Lending Disadvantage in New Jersey Cities,
Home Purchase Loans, 1996 229
Figure 9.31 Financial Offices per 100,000 Population in Selected
Southeastern Banking Markets, 1996 231
Figure 9.32 Denial Rates by Lender Type in Selected Southeastern
Cities, Home Purchase Loans, 1996 233
Figure 9.33 Minorities in the Applicant Pool of Selected Southeastern
Cities, Home Purchase Loans, 1996 233
Figure 9.34 Residential Lending Disadvantage in North Carolina
Cities, Home Purchase Loans, 1996 236
Figure 9.35 Residential Lending Disadvantage in Georgia Cities, Home
Purchase Loans, 1996 236
xii LIST OF FIGURES AND TABLES
Figure 9.36 Residential Lending Disadvantage in Mississippi Cities,
Home Purchase Loans, 1996 237
Figure 9.37 Bank Transaction Account Charges by Region, 1995 240
Figure 9.38 Bank Service Charges by Region, 1995 241
Figure 9.39a Average African American and Hispanic Coefficients,
All Lender Probit Equations by Region, 1996 242
Figure 9.39b Average Native and Asian American Coefficients,
All Lender Probit Equations by Region, 1996 242
Figure 9.40 Average Regional Disadvantage Scores by Lender Type,
Home Purchase Probit Equations, 1996 243
Figure 9.41a Average Native American and African American
Coefficients, Probit Equations by Lender Type, 1996 244
Figure 9.41b Average Hispanic and Asian American Coefficients, Probit
Equations by Lender Type, 1996 244
Figure 9.42 Disadvantage Scores for Commercial Banks Closed After
1992, All City Clusters, 1992 250
Tables
Table 2.1 Effect of Race and Lower Income Status on Loan
Approval, Averages by Lender Type, Home Purchase
Loans, 1995 and 1996 26
Table 2.2 Overall Assessment of Relative Performance by Banking
Sector 28
Table 3.1 U.S. Commercial Banks: Additions, Deletions, and Total
Count, 1966 1996 45
Table 4.1 Interstate Banking Policies and Bank Population Changes by
State and Cause, 1986 1993 60
Table 4.2 Interstate Banking Patterns in States Included in This Study 62
Table 6.1 Average Costs for Checking Accounts, Commercial Banks
and Savings Associations, 1989 1996 98
Table 6.2 Average Fees for Financial Services and Actions,
Commercial Banks and Savings Associations,
1989 1996 101
Table 6.3 Banking Costs by Depository Institution Size, 1995 and
1996 102
Table 7.1 Basic Statistics on Population and Banking for Sixteen U.S.
Metropolitan Areas 114
Table 7.2 Financial Offices per 100,000 Population in Selected
Western and Midwestern Cities, 1996 118
Table 7.3 Market Share in Eight Western Cities, Home Purchase and
Refinancing Loans, 1992 and 1996 119
Table 7.4 Fair Share Scores for Residential Credit Flows in Eight
Western Cities, 1992 and 1996 123
LIST OF FIGURES AND TABLES xiii
Table 7.5 Fair Share Scores for Bank and Nonbank Lenders,
Home Purchase Loans in Eight Western Cities, 1996 125
Table 7.6 Fair Share Scores by Type of Commercial Bank,
Home Purchase Loans in Eight Western Cities, 1996 127
Table 7.7 Financial Offices per 100,000 Population in Selected Eastern
Cities, 1996 128
Table 7.8 Market Share in Eight Eastern Cities, Home Purchase and
Refinancing Loans, 1992 and 1996 129
Table 7.9 Fair Share Scores for Residential Credit Flows in Eight
Eastern Cities, 1992 and 1996 132
Table 7.10 Fair Share Scores for Bank and Nonbank Lenders,
Home Purchase Loans in Eight Eastern Cities, 1996 133
Table 7.11 Fair Share Scores by Type of Commercial Bank,
Home Purchase Loans in Eight Eastern Cities, 1996 134
Table 8.1a Probit Results for All Lenders and Nonbanks in Seven
Western Cities, All Home Purchase Loans, 1996 150
Table 8.1b Probit Results for Commercial Banks in Seven Western
Cities, All Home Purchase Loans, 1996 151
Table 8.2a Probit Results for All Lenders and Nonbanks in Eight
Eastern Cities, All Home Purchase Loans, 1996 152
Table 8.2b Probit Results for Commercial Banks in Eight Eastern
Cities, All Home Purchase Loans, 1996 153
Table 8B. 1 Measures of Financial Infrastructure Similarity 172
Table 9.1 Bank Holding Companies (BHCs) Designated as Large
Merging Banks 176
Table 9.2 A Standardized Measure of Borrower Disadvantage in Seven
Western Cities, 1996 182
Table 9.3 A Standardized Measure of Borrower Disadvantage in Eight
Eastern Cities, 1996 183
Table 9.4 Fair Share Scores by Lender Type for Loans Made,
Purchase Loans in Western and Midwestern Cities, 1996 191
Table 9.5a Coefficients for Applicant Race, Probit Equations for Home
Purchase Loans in Selected California Cities, 1996 193
Table 9.5b Coefficients for Applicant Race, Probit Equations for Home
Purchase Loans in Southwestern Cities, 1996 194
Table 9.6 Coefficients for Minority Neighborhoods, Probit Equations
for Home Purchase Loans in Western and Midwestern
Cities, 1996 195
Table 9.7 Coefficients for Lower Income Applicants and
Neighborhoods, Probit Equations for Home Purchase
Loans in Southwestern Cities, 1996 196
Table 9.8 Borrower Race/Lower Income Disadvantage in California
and Southwestern Cities, 1996 199
xiv LIST OF FIGURES AND TABLES
Table 9.9 Coefficients for Applicant Race, Probit Equations for Home
Purchase Loans in Mountain and Midwestern
Cities, 1996 210
Table 9.10 Coefficients for Lower Income Applicants and
Neighborhoods, Probit Equations for Home Purchase
Loans in Mountain/Midwestern Cities, 1996 211
Table 9.11 Borrower Race/Lower Income Disadvantage in
Mountain/Great Plains and Midwestern Cities, 1996 213
Table 9.12 Fair Share Scores by Lender Type for Loans Made,
Purchase Loans in Eastern Cities, 1996 222
Table 9.13 Coefficients for Applicant Race, Probit Equations for Home
Purchase Loans in Northeastern Cities, 1996 224
Table 9.14 Coefficients for Minority Neighborhoods, Probit Equations
for Home Purchase Loans in Eastern Cities, 1996 225
Table 9.15 Coefficients for Lower Income Applicants and
Neighborhoods, Probit Equations for Home Purchase
Loans in Eastern Cities, 1996 226
Table 9.16 Net Borrower Race/Lower Income Disadvantage in
Northeastern Cities, 1996 227
Table 9.17 Coefficients for Applicant Race, Probit Equations for Home
Purchase Loans in Southeastern Cities, 1996 234
Table 9.18 Net Borrower Race/Lower Income Disadvantage in
Southeastern Cities, 1996 235
Table 9.19 Bank Density and Changes in Bank Populations 240
Table 9.20 Average Regional Disadvantage Scores by Lender Type,
Probit Equations for Home Purchase Loans, 1995 and
1996 246
Table 9.21 Relative Lender Performance Against Market Average,
Home Purchase Loans in Seventeen Markets, 1995 and
1996 247
Table 10.1 Recent Changes in Banking Market Structure, Ten
California Cities 258
Table 10.2 Probit Results for Model 2 in Ten California Cities for All
Lenders, Home Purchase Loans, 1995 and 1996 260
Table 10.3a Estimated Effect of Banking Market Structure Variables on
Home Purchase Approval Rates in Ten California Cities,
1995 and 1996 262
Table 10.3b Estimated Effect of Banking Market Structure Variables on
Home Purchase Approval Rates in Ten California Cities,
1995 and 1996 263
Table 10.4 Market Characteristics by Lender Type, 1992 Federal
Reserve Data and 1995 Home Purchase Loans in Ten
California Cities 265
|
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| dewey-ones | 332 - Financial economics |
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| discipline | Wirtschaftswissenschaften |
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| geographic | USA (DE-588)4078704-7 gnd |
| geographic_facet | USA |
| id | DE-604.BV012689889 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:31:59Z |
| institution | BVB |
| isbn | 0765603829 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-008625964 |
| oclc_num | 39756669 |
| open_access_boolean | |
| owner | DE-12 DE-188 |
| owner_facet | DE-12 DE-188 |
| physical | XXI, 320 S. graph. Darst. |
| publishDate | 1999 |
| publishDateSearch | 1999 |
| publishDateSort | 1999 |
| publisher | Sharpe |
| record_format | marc |
| series2 | Issues in money banking and finance |
| spelling | Dymski, Gary A. Verfasser aut The bank merger wave the economic causes and social consequences of financial consolidation Gary A. Dymski Armonk, NY [u.a.] Sharpe 1999 XXI, 320 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Issues in money banking and finance Banken (financiële instellingen) gtt Banques - Fusion Entreprises - Fusion Fusies gtt Bank mergers Consolidation and merger of corporations Kreditwesen (DE-588)4032950-1 gnd rswk-swf Bank (DE-588)4004436-1 gnd rswk-swf Konzentrationsprozess (DE-588)4132885-1 gnd rswk-swf Fusion (DE-588)4071520-6 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Bank (DE-588)4004436-1 s Fusion (DE-588)4071520-6 s DE-188 Kreditwesen (DE-588)4032950-1 s Konzentrationsprozess (DE-588)4132885-1 s HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008625964&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Dymski, Gary A. The bank merger wave the economic causes and social consequences of financial consolidation Banken (financiële instellingen) gtt Banques - Fusion Entreprises - Fusion Fusies gtt Bank mergers Consolidation and merger of corporations Kreditwesen (DE-588)4032950-1 gnd Bank (DE-588)4004436-1 gnd Konzentrationsprozess (DE-588)4132885-1 gnd Fusion (DE-588)4071520-6 gnd |
| subject_GND | (DE-588)4032950-1 (DE-588)4004436-1 (DE-588)4132885-1 (DE-588)4071520-6 (DE-588)4078704-7 |
| title | The bank merger wave the economic causes and social consequences of financial consolidation |
| title_auth | The bank merger wave the economic causes and social consequences of financial consolidation |
| title_exact_search | The bank merger wave the economic causes and social consequences of financial consolidation |
| title_full | The bank merger wave the economic causes and social consequences of financial consolidation Gary A. Dymski |
| title_fullStr | The bank merger wave the economic causes and social consequences of financial consolidation Gary A. Dymski |
| title_full_unstemmed | The bank merger wave the economic causes and social consequences of financial consolidation Gary A. Dymski |
| title_short | The bank merger wave |
| title_sort | the bank merger wave the economic causes and social consequences of financial consolidation |
| title_sub | the economic causes and social consequences of financial consolidation |
| topic | Banken (financiële instellingen) gtt Banques - Fusion Entreprises - Fusion Fusies gtt Bank mergers Consolidation and merger of corporations Kreditwesen (DE-588)4032950-1 gnd Bank (DE-588)4004436-1 gnd Konzentrationsprozess (DE-588)4132885-1 gnd Fusion (DE-588)4071520-6 gnd |
| topic_facet | Banken (financiële instellingen) Banques - Fusion Entreprises - Fusion Fusies Bank mergers Consolidation and merger of corporations Kreditwesen Bank Konzentrationsprozess Fusion USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008625964&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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