Explaining the Rising Concentration of Banking Assets in the 1990s

Abstract

In recent years, the nation’s largest bank holding companies have sharply increased their market share of assets. Have these institutions achieved their dominance by expanding their existing subsidiaries or by merging with other bank holding companies? A study of industry data for 1990-99 suggests that the increased market share of the largest companies is attributable almost entirely to external growth through mergers and acquisitions. The U.S. banking industry looked remarkably different in 1999 than it did in 1990. Over the decade, the number of commercial banks fell one-third while average asset size nearly doubled as banks adapted to deregulation, technological change, and new market pressures. 1 This dramatic evolution reflected considerable activity among the largest institutions, with the top bank holding companies (BHCs) consolidating operations and becoming increasingly dominant in size and market share of banking assets.

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