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Table 6: Effects of Consolidation Activity (CA) and Local Community Bank (CB) Market Share on Small Business Loan
(SBL) Growth in Rural Markets: 1997-2000
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 |
Total SBL |
<$100K SBL |
>$100K SBL |
CRE SBL |
C&ISBL |
Total SBL |
<$100K SBL |
>$100K SBL |
CRE SBL |
C&I SBL |
| Full sample (760 markets) |
Overall CA |
0.021 |
0.057* |
-0.036 |
0.016 |
0.005 |
|
| (0.042) |
(0.034) |
(0.036) |
(0.031) |
(0.022) |
|
| Within-mkt CA |
|
-0.089 |
-0.090 |
0.001 |
-0.076 |
-0.013 |
| |
(0.104) |
(0.084) |
(0.090) |
(0.077) |
(0.055) |
| Big acq big CA |
|
-0.012 |
0.048 |
-0.060 |
-0.016 |
0.004 |
| |
(0.060) |
(0.048) |
(0.052) |
(0.044) |
(0.032) |
| Big acq CB CA |
|
0.119* |
0.148*** |
-0.029 |
0.097* |
0.022 |
| |
(0.069) |
(0.056) |
(0.060) |
(0.051) |
(0.037) |
CB CA |
|
-0.032 |
-0.068 |
0.036 |
-0.011 |
-0.020 |
| |
(0.104) |
(0.084) |
(0.089) |
(0.076) |
(0.055) |
CB SBL mkt share |
-0.003 |
-0.047* |
0.044 |
-0.005 |
0.002 |
-0.019 |
-0.052* |
0.034 |
-0.020 |
0.001 |
| (0.032) |
(0.026) |
(0.028) |
(0.024) |
(0.017) |
(0.036) |
(0.029) |
(0.031) |
(0.027) |
(0.019) |
| High Herfendahl subsample (553 markets) |
Overall CA |
0.036 |
0.062 |
-0.026 |
0.024 |
0.012 |
|
| (0.051) |
(0.040) |
(0.042) |
(0.037) |
(0.026) |
|
| Within-mkt CA |
|
-0.121 |
-0.140 |
0.019 |
-0.089 |
-0.032 |
| |
(0.127) |
(0.101) |
(0.106) |
(0.094) |
(0.064) |
| Big acq big CA |
|
0.019 |
0.069 |
-0.049 |
0.000 |
0.019 |
| |
(0.072) |
(0.057) |
(0.060) |
(0.053) |
(0.036) |
| Big acq CB CA |
|
0.139* |
0.169** |
-0.030 |
0.108* |
0.031 |
| |
(0.083) |
(0.066) |
(0.069) |
(0.061) |
(0.042) |
CB CA |
|
-0.077 |
-0.146 |
0.068 |
-0.038 |
-0.040 |
| |
(0.130) |
(0.103) |
(0.109) |
(0.096) |
(0.066) |
CB SBL mkt share |
-0.013 |
-0.060* |
0.047 |
-0.015 |
0.002 |
-0.024 |
-0.061* |
0.037 |
-0.028 |
0.004 |
| (0.039) |
(0.031) |
(0.033) |
(0.029) |
(0.020) |
(0.044) |
(0.035) |
(0.037) |
(0.033) |
(0.023) |
| Low Herfendahl subsample (207 markets) |
Overall CA |
-0.059 |
0.007 |
-0.067 |
-0.030 |
-0.029 |
|
| (0.061) |
(0.057) |
(0.069) |
(0.046) |
(0.045) |
|
| Within-mkt CA |
|
0.214 |
0.095 |
0.119 |
0.041 |
0.173 |
| |
(0.154) |
(0.145) |
(0.174) |
(0.115) |
(0.112) |
| Big acq big CA |
|
-0.159 |
-0.039 |
-0.121 |
-0.070 |
-0.089 |
| |
(0.096) |
(0.091) |
(0.109) |
(0.072) |
(0.070) |
| Big acq CB CA |
|
-0.085 |
-0.019 |
-0.066 |
-0.039 |
-0.046 |
| |
(0.114) |
(0.107) |
(0.130) |
(0.086) |
(0.083) |
CB CA |
|
0.004 |
0.063 |
-0.059 |
0.036 |
-0.033 |
| |
(0.135) |
(0.127) |
(0.154) |
(0.101) |
(0.099) |
CB SBL mkt share |
0.025 |
-0.012 |
0.037 |
0.034 |
-0.010 |
-0.005 |
-0.027 |
0.022 |
0.020 |
-0.025 |
| (0.050) |
(0.046) |
(0.056) |
(0.037) |
(0.036) |
(0.056) |
(0.052) |
(0.063) |
(0.042) |
(0.040) |
| Low CB share subsample (358 markets) |
Overall CA |
-0.078 |
-0.027 |
-0.050 |
-0.063 |
-0.015 |
|
| (0.049) |
(0.031) |
(0.046) |
(0.038) |
(0.030) |
|
| Within-mkt CA |
|
-0.166 |
-0.054 |
-0.111 |
-0.144 |
-0.022 |
| |
(0.117) |
(0.075) |
(0.109) |
(0.091) |
(0.070) |
| Big acq big CA |
|
-0.036 |
-0.007 |
-0.029 |
-0.048 |
0.012 |
| |
(0.058) |
(0.037) |
(0.054) |
(0.045) |
(0.035) |
| Big acq CB CA |
|
-0.097 |
-0.076 |
-0.020 |
0.001 |
-0.097 |
| |
(0.116) |
(0.074) |
(0.107) |
(0.090) |
(0.069) |
CB CA |
|
-0.207 |
0.124 |
-0.331 |
-0.127 |
-0.080 |
| |
(0.250) |
(0.159) |
(0.232) |
(0.194) |
(0.150) |
CB SBL mkt share |
-0.015 |
0.015 |
-0.030 |
-0.028 |
0.013 |
-0.010 |
0.022 |
-0.032 |
-0.037 |
0.028 |
| (0.065) |
(0.041) |
(0.060) |
(0.051) |
(0.039) |
(0.068) |
(0.043) |
(0.063) |
(0.053) |
(0.041) |
| High CB share subsample (402 markets) |
All CA |
0.086 |
0.103* |
-0.018 |
0.056 |
0.030 |
|
| (0.064) |
(0.060) |
(0.057) |
(0.046) |
(0.033) |
|
| Within-mkt CA |
|
0.081 |
-0.143 |
0.224 |
0.059 |
0.022 |
| |
(0.173) |
(0.158) |
(0.151) |
(0.124) |
(0.090) |
| Big acq big CA |
|
0.014 |
0.128 |
-0.114 |
0.059 |
-0.045 |
| |
(0.157) |
(0.144) |
(0.138) |
(0.113) |
(0.082) |
| Big acq CB CA |
|
0.161* |
0.232*** |
-0.071 |
0.096 |
0.065 |
| |
(0.085) |
(0.078) |
(0.075) |
(0.061) |
(0.044) |
CB CA |
|
-0.074 |
-0.116 |
0.042 |
-0.062 |
-0.012 |
| |
(0.117) |
(0.107) |
(0.103) |
(0.084) |
(0.061) |
CB SBL mkt share |
0.006 |
-0.020 |
0.026 |
-0.005 |
0.012 |
-0.001 |
0.007 |
-0.007 |
0.003 |
-0.003 |
| (0.095) |
(0.088) |
(0.084) |
(0.069) |
(0.050) |
(0.102) |
(0.094) |
(0.090) |
(0.073) |
(0.053) |
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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