6.9k local, independent community banks control 1.4 trillion in assets ... 11% of all bank assets.
Biggest 4 banks control 5.4 Trillion in assets: JP Morgan Chase, Bank of America, Citibank, Wells Fargo. that is 40% of the total.
But also means that the local community banks control about one quarter as much as these huge banks. That's significant.
[none of these are direct quotes]
Bank of N. Dakota, founded 1919, is the only publicly owned bank. the state deposits all of its money, except pension funds in the bank. It doesn't compete with local banks (no bransches or atms) but is invited n by local banks to finance a portion of their loans, to share the risk. "enables local banks to make more loans... So SD has 4 time more per capital local banks than US average.
BND profits return to the state; $300billion in last decade.
STATES WITH BILLS TO CREATE state banks: WA, OR, MA, MT, ME
Projection of impact of such a state bank in OR concluded it would stimuate creation of over 5k new small businesses in first 3 to 5 years.
Stacy Mitchell, How State Banks Bring the Money Home, Yes! Fall, 2011, 46.