Regional Banks Are the Backbone of the US Economy
US regional and community banks total over 4,600 in number. The eight largest US banks collectively hold 63% of the banking industry’s total assets ($23 trillion), meaning regional and community banks hold a large share of the country’s banking assets. Non-G-SIB banks (globally systematically important banks) are important providers of credit to middle market corporations as well as consumers. Small businesses of 500 employees or fewer make up 99.9% of all U.S. businesses and 99.7% of firms with paid employees.1 Hence, the events of recent days are economically significant.
1. Source: FDIC, Bloomberg, SBA
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