Smaller banks, fearing the regulatory burden from the legislation will crush them and no longer holding the hope that Romney could lighten the load, "are now reassessing their profit prospects – and independence," writes American Banker's Rachel Witkowski.
"Some boards that were holding out and hoping things would go back to the way it was a few years ago now realize that’s probably not realistic,” says Dan Bass of FBR Capital Markets.
"We're going to get more regulations and a tightening down on consumer rules," said Rusty Cloutier, of MidSouth Bancorp. He predicts we’ll see 1,000 small banks lost to consolidation over next three to five years
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