Face the Facts USA #72: The big get bigger, the small get snuffed
Face the Facts USA is taking a look at issues facing the American people as the 2012 presidential election nears.
Here's fact No. 72: The big get bigger, the small get snuffed; Megabanks grab more market share
The country's five largest banking institutions have tripled their market share since 1970 while more than half of all small banks disappeared. In 1970, the five biggest banks held just 17 percent of the market. 12,500 small banks held 46 percent. Fast forward to 2010 and the five biggest institutions held 52 percent of the market. The number of small banks had dwindled to 5,700, and their share was down to 16 percent.
Today's fact is shown as a special animated infographic..
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