I've been seeing a lot of consolidation of banks in the last five years. My bank was bought out, and as it was transferring my account another bank bought the bank that bought the bank. Service was terrible during that time because it was a bunch of ships sinking.
I used to work for a small, local bank. Got bought out. In the meeting announcing we got bought it was explained as "This is just how banks operate now. It makes more sense to start a bank with the intention to be bought than actually operate a bank"
It was even mentioned, "When we were founded, there was XXXXX number of banks in the country. At the time of our sale there is only XXXX"
I've been seeing a lot of consolidation of banks in the last five years. My bank was bought out, and as it was transferring my account another bank bought the bank that bought the bank. Service was terrible during that time because it was a bunch of ships sinking.
I used to work for a small, local bank. Got bought out. In the meeting announcing we got bought it was explained as "This is just how banks operate now. It makes more sense to start a bank with the intention to be bought than actually operate a bank"
It was even mentioned, "When we were founded, there was XXXXX number of banks in the country. At the time of our sale there is only XXXX"
This was about 10 years ago.
That makes sad sad sense.