Here are the simple facts: by the end of this decade there will be 40% fewer banks and 50% fewer credit unions.
Think we’re being overdramatic?
The number of banks declined from 18,000 in 1984 to 7,377 at year end 2011. By end of 2020 there will only be 4,490.
The consolidation of credit unions is even more dramatic — virtually a straight line for the past 27 years. There were 15,193 in 1984 but only 7,036 at the end of 2011. This number will drop to 3,500 in 2020.
6,423 banks and credit unions will disappear over the next 8 years. The real question is not whether the industry will consolidate at this rapid rate, but whether you will be a survivor.