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Table 4: Effects of Consolidation Activity
(CA) and Local Community Bank (CB) Market Share on Small Business Loan
(SBL) Growth in Rural Markets: 1994-1997 Effects on small business loan (SBL) growth
and its decompositions into SBL growth under and over $100,000 and CRE
versus C&I SBL. Estimated coefficients and standard errors (reported in parentheses).
| |
A. Overall Consolidation Activity |
B. Specific Types of Consolidation Activity |
| TotalSBL |
<$100K SBL |
>$100K SBL |
CRE SBL |
C& I SBL |
Total SBL |
<$100K SBL |
>$100KSBL |
CRE SBL |
C&I SBL |
| Full sample (760 markets) |
| Overall CA |
-0.036 |
0.009 |
-0.045 |
-0.031 |
-0.005 |
|
| (0.032) |
(0.034) |
(0.036) |
(0.022) |
(0.020) |
|
| Within-mkt CA |
|
0.058 |
-0.031 |
0.089 |
0.076 |
-0.018 |
| |
(0.086) |
(0.093) |
(0.097) |
(0.059) |
(0.054) |
| Big acq big CA |
|
-0.162*** |
-0.013 |
-0.149*** |
-0.107*** |
-0.055* |
| |
(0.048) |
(0.053) |
(0.055) |
(0.034) |
(0.031) |
| Big acq CB CA |
|
-0.020 |
-0.006 |
-0.014 |
-0.046 |
0.025 |
| |
(0.054) |
(0.059) |
(0.061) |
(0.037) |
(0.034) |
| CB CA |
|
0.157** |
0.103 |
0.053 |
0.097** |
0.060 |
| |
(0.070) |
(0.076) |
(0.079) |
(0.048) |
(0.044) |
| CB SBL mkt share |
0.047** |
-0.008 |
0.055** |
0.036** |
0.011 |
0.013 |
-0.017 |
0.030 |
0.017 |
-0.004 |
| (0.022) |
(0.024) |
(0.025) |
(0.015) |
(0.014) |
(0.024) |
(0.026) |
(0.027) |
(0.017) |
(0.015) |
| High Herfendahl subsample (561 markets) |
| Overall CA |
-0.027 |
0.020 |
-0.047 |
-0.030 |
0.003 |
|
| (0.037) |
(0.039) |
(0.041) |
(0.026) |
(0.023) |
|
| Within-mkt CA |
|
0.050 |
0.025 |
0.025 |
0.058 |
-0.008 |
| |
(0.102) |
(0.111) |
(0.116) |
(0.072) |
(0.064) |
| Big acq big CA |
|
-0.181*** |
-0.032 |
-0.149** |
-0.112*** |
-0.069** |
| |
(0.055) |
(0.060) |
(0.063) |
(0.038) |
(0.034) |
| Big acq CB CA |
|
0.019 |
0.048 |
-0.029 |
-0.049 |
0.068* |
| |
(0.062) |
(0.068) |
(0.071) |
(0.044) |
(0.039) |
| CB CA |
|
0.192** |
0.068 |
0.125 |
0.141** |
0.051 |
| |
(0.081) |
(0.088) |
(0.092) |
(0.057) |
(0.051) |
| CB SBL mkt share |
0.026 |
-0.035 |
0.061** |
0.029 |
-0.003 |
-0.016 |
-0.048 |
0.033 |
0.008 |
-0.024 |
| (0.025) |
(0.027) |
(0.028) |
(0.018) |
(0.016) |
(0.028) |
(0.030) |
(0.031) |
(0.019) |
(0.017) |
| Low Herfendahl subsample (199 markets) |
| Overall CA |
-0.054 |
-0.049 |
-0.005 |
-0.012 |
-0.042 |
|
| (0.068) |
(0.074) |
(0.076) |
(0.045) |
(0.043) |
|
| Within-mkt CA |
|
0.156 |
-0.298* |
0.453** |
0.154 |
0.001 |
| |
(0.165) |
(0.177) |
(0.181) |
(0.110) |
(0.102) |
| Big acq big CA |
|
-0.074 |
0.045 |
-0.119 |
-0.077 |
0.003 |
| |
(0.117) |
(0.125) |
(0.128) |
(0.077) |
(0.072) |
| Big acq CB CA |
|
-0.158 |
-0.160 |
0.001 |
0.013 |
-0.171 |
| |
(0.113) |
(0.121) |
(0.124) |
(0.075) |
(0.070) |
| CB CA |
|
0.025 |
0.255 |
-0.230 |
-0.084 |
0.109 |
| |
(0.144) |
(0.154) |
(0.158) |
(0.096) |
(0.089) |
| CB SBL mkt share |
0.135** |
0.153*** |
-0.018 |
0.050 |
0.085** |
0.126** |
0.144** |
-0.018 |
0.045 |
0.081** |
| (0.053) |
(0.058) |
(0.059) |
(0.035) |
(0.033) |
(0.057) |
(0.061) |
(0.062) |
(0.038) |
(0.035) |
| Low CB share subsample (355 markets) |
| Overall CA |
-0.139*** |
-0.071 |
-0.068 |
-0.097*** |
-0.042 |
|
| (0.050) |
(0.046) |
(0.052) |
(0.035) |
(0.031) |
|
| Within-mkt CA |
|
-0.095 |
0.065 |
0.030 |
0.081 |
0.014 |
| |
(0.123) |
(0.116) |
(0.128) |
(0.086) |
(0.077) |
| Big acq big CA |
|
-0.229*** |
-0.068 |
-0.161*** |
-0.141*** |
-0.089** |
| |
(0.058) |
(0.055) |
(0.060) |
(0.040) |
(0.036) |
| Big acq CB CA |
|
-0.172 |
-0.143 |
-0.029 |
-0.231** |
0.059 |
| |
(0.136) |
(0.129) |
(0.142) |
(0.095) |
(0.085) |
| CB CA |
|
0.395** |
-0.103 |
0.498*** |
0.247** |
0.148 |
| |
(0.154) |
(0.146) |
(0.161) |
(0.108) |
(0.096) |
| CB SBL mkt share |
0.029 |
0.015 |
0.014 |
0.068* |
-0.039 |
-0.013 |
0.022 |
-0.035 |
0.049 |
-0.062* |
| (0.055) |
(0.051) |
(0.058) |
(0.039) |
(0.034) |
(0.056) |
(0.053) |
(0.059) |
(0.039) |
(0.035) |
| High CB share subsample (405 markets) |
| All CA |
0.045 |
0.064 |
-0.019 |
0.025 |
0.020 |
|
| (0.042) |
(0.051) |
(0.051) |
(0.029) |
(0.027) |
|
| Within-mkt CA |
|
-0.001 |
-0.102 |
0.101 |
0.094 |
-0.095 |
| |
(0.123) |
(0.151) |
(0.151) |
(0.085) |
(0.079) |
| Big acq big CA |
|
0.062 |
0.131 |
-0.069 |
0.046 |
0.016 |
| |
(0.106) |
(0.130) |
(0.130) |
(0.074) |
(0.068) |
| Big acq CB CA |
|
0.020 |
0.029 |
-0.009 |
-0.018 |
0.038 |
| |
(0.060) |
(0.073) |
(0.073) |
(0.041) |
(0.038) |
| CB CA |
|
0.085 |
0.145 |
-0.060 |
0.051 |
0.034 |
| |
(0.077) |
(0.095) |
(0.095) |
(0.054) |
(0.050) |
| CB SBL mkt share |
0.209*** |
0.104 |
0.105 |
0.088** |
0.121*** |
0.212*** |
0.116 |
0.096 |
0.095* |
0.117*** |
| (0.063) |
(0.078) |
(0.078) |
(0.044) |
(0.041) |
(0.070) |
(0.086) |
(0.086) |
(0.049) |
(0.045) |
Memo items: 65 markets are both high Herfendahl and low CB share. 105 markets are both low Herfendahl and high CB share.
Note: All regressions include the full set of banking and economic control variables summarized in table 2.1. *, **, *** indicate significance levels of 10%, 5%, and 1%, respectively.
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