Today, four years since the official bottom of the 2007-2009 recession and financial crisis, you can add a surprising voice to the list of those still waiting for a recovery: America’s small banks. As CNNMoney’s Stephen Gandel notes, the banking recovery has been uneven; small lenders are still in trouble, and some continue to fail even as loan quality at larger institutions has rebounded sharply. The U.S. banking sector is becoming a two-class system: big banks are getting bigger, and small local banks are dying. Large banks are driving a Wal-Martization of the banking sector. As with Wal-Mart, the implications for Americans’ standard of living are not good.
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