The advantages of boots on the ground
anandaigua and Manhattan’s Chinatown are about as different from each other as two places in the same state can be. One is a small town in the bucolic Finger Lakes region, where almost everyone is a white English-speaker. Chinatown packs nearly ten times as many residents, many of them foreign-born and Chinese-speaking, into a much smaller space. What links them, and many other small towns and neighbourhoods across America, is financial services: both host community banks that cater to local needs.
Some see such institutions, generally defined as having less than $10bn in assets, as inefficient historical relics. They account for as much as 97% of the total number of America’s banks, but less than 14% of assets and deposits.
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