Banking expert Rick Bastian says smaller banks have held up better through the recession. Two-thirds of Rockford residents are community bank customers. Locally these banks, for the most part made more sound loans than larger competitors. The top five banks control about 60% of the U.S. deposits, but Bastian says community banks are the real giants in the Rockford area.
The 7,800 smallest U.S. banks had total deposits of 1.2 trillion dollars last year. That’s about the size of the J.P. Morgan and Bank of America put together.
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