Does it seem like there is a bank on every corner? It does to me. Everyone needs a bank and everyones banking needs are different thus we see new community banks, state chartered banks and nationally chartered banks doting our landscape. Banking is a very personal activity and people constantly look for an environment that they feel comfortable in. The result seems to be another new branch of an existing bank or a new bank opening up on your corner.
What are your banking hot buttons? Is it the convenience, consistent customer service, familiarity with staff, product selection or maybe rates. Usually there are a combination of factors that will lead you to develop relations with a bank. If all banks met all needs there probably would only be about eight large banks in the country.
Banking can be a profitable business. It is federally and state regulated so it gives a certain sense of security to investors. The risk level is reduced so there always seems to be a good supply of investors available for start-up banks. Two key factors in the success of that new bank opening up down the street from you may be the leadership of that bank such as a CEO who is well...
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