bank acquisition determinants implications for small business credit

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1、BankAcquisitionDeterminants:ImplicationsforSmallBusinessCreditApril1997RobertR.MooreFinancialIndustryStudiesDepartmentFederalReserveBankofDallas2200N.PearlStreetDallas,Texas75201(214)922-5355robert.moore@dal.frb.orgTheviewsexpressedarethoseoftheauthoranddonotnecessarilyreflectth

2、epositionoftheFederalReserveBankofDallasortheFederalReserveSystem.1.IntroductionConsolidationisaprominentdevelopmentintheU.S.bankingindustry,withthenumberofbanksdecliningfrom14,407to9,822between1980and1995.Onepossibleimpactonbankcustomersfrombankingconsolidationcouldstemfromthed

3、isruptionofhistoricallendingpatterns.Alackofshort-runsubstitutesforbankcreditwouldimplythatadisruptioninthesupplyofbankcreditwouldhavenegativeconsequencesforthedisruptedborrowersandpossiblyforthemacroeconomy,asarguedintheliteraturereviewedbyBernanke(1993.)Thisliteraturearguestha

4、tsmaller,relativelyunknownborrowersaretheborrowersmostlikelytorelyonbankcredit,makingbankcredittosmallbusinessesparticularlyimportant.Berger,KashyapandScalise(1995)considertheimpactthatbankingconsolidationmayhaveonsmallbusinesslending.Giventhatconsolidationshiftsbankingassetstol

5、argerbankingorganizationsandthatlargerbankingorganizationstendtodevoteasmallerfractionoftheirassetstosmallbusinesslending,Berger,KashyapandScalisearguethatthereductioninsmallbusinesslendingfromconsolidationcouldbesubstantialunderwhattheytermthe“consolidationhypothesis.”Severalot

6、herstudieshavelookedattheeffectofbankacquisitionsonsmallbusinesslending.StrahanandWeston(1996)examineasampleofbanksinvolvedinmergersandcomparethesmallbusinesslendingofthebankspre-andpost-mergertoasampleofbanksnotinvolvedinmergers.Theyfindthatthedeclineinthepercentageofsmallbusin

7、essloans-to-assetsisgreateramongbanksnotinvolvedinmergersthanamongbanksinvolvedinmergers.Theirfindings,therefore,donotsupporttheconsolidationhypothesis.PeekandRosengren(1996)find,however,thatforbanksintheNewEnglandstates,theacquisitionofasmallbankbyalargebank2tendstoresultinadec

8、lineinsmallbusinesslendingbythecombinedorganiza