The number of FDIC-insured commercial banks continued to decline, dropping to 8,675 at the end of 1999:IIQ, a decrease of 309 since 1998:IIQ. Merger activity has remained fairly steady over the past year, with 217 mergers reported in the first half of 1999. New charters were up slightly from the corresponding reporting period last year. The Southeast region of the country showed the greatest growth in mergers and new charters.
Suggested citation: "Banking Conditions," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-11, pp. 17, 11.01.1999.