Conventional wisdom holds that community banks are doomed because of rising regulatory, technological and staffing costs. When Guernsey Bancorp, a small Westerville, Ohio institution, recently sold to First Financial Bancorp in Cincinnati, Guernseys chief executive offered the merger as proof of this theory.
The $125 million bank franchise is dead, the banks CEOsaid. Unless youre a small bank and the only bank in a relatively small town, you wont survive today.
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