I think Bird in Hand, PA is right down the street from Blue Balls, PA also close to Intercourse, PA.
In the meantime, commercial and personal lending continues to migrate away from traditional banks and into online non-bank lending startups.
Has CNN Money never heard of OnDeck Capital and its brethren?
1. The Millennials don’t own homes, and never go to a brick and mortar bank. They finance their student loans online and then spend the next 30 years paying them off, while working part time at the Best Buy. They don’t have a checkbook, and they do what little banking they require online.
2. Businesses are not expanding, thus capital loans aren’t driving the banking market.
3. How are credit unions doing? I haven’t had a bank account for almost 30 years. Smart consumers use credit unions and the relaxing of membership requirements should have drained a lot of business from the banks.
4. Record numbers of Americans are just having government support direct deposited into their accounts and using EBT ‘food stamp’ cards. Not much in it for the banks on that one.
5. New banking firms may not be opening, but brick and mortar banks of existing firms have been popping up everywhere. During a time when fewer and fewer people use physical banking, I’ve always presumed that “physical presence” must be a stipulation of receiving government largess or permission to operate. So what has the government done to the cost of doing business as a bank?
It’s the way it works. Asshat politicians pound the table and say they are going after BIG( fill in the blank) and pass a bunch of regulations insuring only the BIG( fill in the blank)s can survive.
Two words: Dodd Frank.
The Federal Reserve Bank of Chicago shows that there has been an average decline of 27% in new business formations since 2006. If those idiots in DC think this is independent of stupid economic policies they’ve set in motion, from Obozocare to hikes in the minimum wage, they’re crazy. Pile on top of that the job-killing regulations they’ve let agencies, like the EPA, pass without oversight by Congress and you get some idea of just how clueless those idiots are. Add to that the direct screw-ups by Obozo, from Solindra to the closing of oil leases, and we’re lucky anyone still has a job. Lunacy!
Americans in general HATE banks. Particularly in the current environment. They poll somewhere between fire ants and Ebola in popularity. This is what keeps the Fake Indian a viable candidate for POTUS.
Would YOU want to open one right now?
*3*...is that the *new* number? Since we have 3 major healthcare providers now. *Three* it is.
“I wonder if the three new banks are politically connected?”
I do not want to offend you, but this qualifies as the Captain Obvious question of the day.
Of Course they are.
Shut down Obama’s Fascist Regulators!
There were over 18,000 banks.
Now- government regulations , etc. crapped that number down to fewer than 7,000.
3 opened? how many were closed?
it’d be better to compare Reagan years (1981-1989), Clinton years (1993-2000), GWBush years (2001-2008) and 0bama years (2009-) on the same chart
When corn prices drop, farmers shift to soybeans.
When oil and gas prices drop, investors sell their oil and gas stocks and put that money into a growing sector.
Interest rates are at record lows. Why are people so surprised that businessmen are not opening new banks???
Dodd Frank killed small banks