Banks Added 10,000 Branches During Boom — No Duh!
Just saw this story and had to share with you, since most of those branches were erected to loan funds to home buyers and builders. How many times did I write and blog that there are were are more banks in Dallas than churches and gas stations? Now it turns out that was only true in the city’s more affluent areas: barely one in 10 banks were built in inner cities or poor ‘hoods. (Another no duh.) And of course, we told you so. Quoting Wachovia’s Julia Wellborn in a story I wrote for D CEO a little over a year ago:
“If it seems there are more banks than churches or gas stations in Dallas, it’s partly because 78 percent of DFW residents now live within 10 minutes of a Wachovia office—all thanks to Wellborn. “As far as we know,” she says, “no other bank has come in with a ‘build it from the ground up strategy,’ as we did.”
Awards | Archives | Reprints | Custom Publishing | Jobs | Advertiser's Index
I think this has more to do with bolstering equity rather than being available for customers. All of that street corner real estate has more value than the sub-prime notes they are losing money on.