A recent article in the South Florida Business Journal focuses on the revolution transforming the banking industry as it fights to stay relevant amidst technological advances. The American Bankers Association recently reported that 66% of Americans say they primarily manage their bank accounts through their bank’s website or mobile app. As big banks have been able to stay afloat and adapt to the technological trends, the feat hasn’t been so easy for others. The article specifically focused on the rapidly declining number of community banks, which has not only impacted these small businesses on a national level but at the local level as well.
Gunster attorney Greg Bader was tapped to weigh in on the issue and stated that the trend locally is due in part to fact that “the number of new Florida banks being created can’t keep up with the number that have already failed or been acquired.” As that market erodes, small businesses that may not meet big banks’ conventional lending requirements could feel the squeeze.
Bader is the chairman of Gunster’s banking and financial services practice and focuses his practice on mergers and acquisitions, regulatory compliance, securities offerings, and advising companies and their management as they make critical business decisions. He is a member of the Florida Bar and is active in the Association for Corporate Growth, the National Association of Corporate Directors, the Florida Bankers Association, and the South Florida Banking Institute.
Read the full article: How community banks can survive onslaught of M&A, new technologies