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1、BANKMERGERSANDACQUISITIONSChapter22BankManagement,5thedition. TimothyW.KochandS.ScottMacDonaldCopyright©2003bySouth-Western,adivisionofThomsonLearningMergersandacquisitionscontinuetobeasignificantforceintherestructuringofthefinancialservicesindustry.Thenumberofbankshasdec
2、linedfrom14,451banksin1982toonly8,080in2001.Totalnumberofbranchoffices,however,grewfrom34,791to64,087.010,00020,00030,00040,00050,00060,00070,00080,000NumberofU.S.BankingOfficesBranches10,55615,87221,83930,20538,73843,29350,40656,51264,07963,989Banks13,12613,54413,51114,3
3、8414,43414,41712,3479,9428,3158,1781960196519701975198019851990199520002001*MainOfficesBranchesAllU.S.BankingOffices(MainOfficesplusBranches)Fewerbankscontrolagreaterfractionofbankingresources.Thelargestinstitutionscontinuetobuysmallerinstitutions:Thelargestbanks(greatert
4、han$10billioninassets)makeuplessthan1%ofthetotalnumberofbanksbutcontrolover70%ofbankassets.ConcentrationofassetswiththelargesbanksManyfactorshaveleadtothemergermaniaofthe1990’sinbanking.The1990’swasoneofunprecedentedgrowthintheeconomy.Bank’sexperiencedrecordprofitsfrom199
5、0through2001.Bankstocksvaluessoaredandthisprovidedvaluablecurrencyforbanksinacquiringotherbanks.Theeliminationofinterstatebranchingrestrictionsinthemid1990’sRepealofGlass-Steagallinthelate1990’sandtheresultingexpansionoutsidetraditionalproductlinesandacrossinternationalbo
6、rdersChangesinthenumberofbanksthroughmergers,failuresandnewcharters: 1980–2001.010020030040050060070019801983198619891992199519982001NumberofBanksNewChartersMergersFailuresTheimpactoftheRiegle-NealInterstateBranchingandEfficiencyActInterstatebranchingrestrictionswereremov
7、edinthemid1990’sandtheRiegle-NealInterstateBranchingandEfficiencyActbecamefullyeffectivebyJune1997.PriortheRiegle-NealAct,eachstatedeterminedthedegreetowhichbankscouldbranchacrossstatelines.Manystatesdidnotallowinterstatebranching.Riegle-Nealallowedfornation-wideinterstat
8、ebranching.Savingsinstitutions,ontheotherhand,havehistoricallybeenallowedtobranchacrossstateline
