Sunday, September 09, 2007

Tom brings up an interesting point

Thomas Suddes: Ohio secretary of state is already looking for something to do - Gloria mentioned to me just now that Tom has brought up an interesting point:

"And State Treasurer Richard Cordray, a Democrat, is offering himself as a
provider of financial advice to Ohioans. It's a mystery how that could be virgin
territory: Ohio is the legal headquarters of five of America's 25 largest banks;
no state boasts more such headquarters. "

Further research from Infoplease fleshes this out, with a quick top 30 using December, 2005 data from the Federal Reserve. The numbers need another six zeroes, so I provided them, but I don't really know if that helps us get our collective head around the magnitude of the situation any better (quadrillion comes after trillion):
1. Bank of America Corp. (Charlotte, N.C.) $1,082,243,000,000
2. J. P. Morgan Chase & Company (Columbus, Ohio) 1,013,985,000,000
3. Citigroup (New York, N.Y.) 706,497,000,000
4. Wachovia Corp. (Charlotte, N.C.) 472,143,000,000
5. Wells Fargo & Company (Sioux Falls, S.D.) 403,258,000,000
6. U.S. BC (Cincinnati, Ohio) 208,867,000,000
7. Suntrust Banks, Inc. (Atlanta, Ga.) 177,231,000,000
8. HSBC North America Inc. (Wilmington, Del.) 150,679,000,000
9. Keybank (Cleveland, Ohio) 88,961,000,000
10. State Street Corp. (Boston, Mass.) 87,888,000,000
11. Bank of New York Company, Inc. (New York, N.Y.) 85,868,000,000
12. PNC Financial Services Group, Inc. (Pittsburgh, Pa.) 82,877,000,000
13. Regions Bank (Birmingham, Ala.) 81,074,000,000
14. Branch BKG&TC Corp. (Winston-Salem, N.C.) 80,227,000,000
15. Chase Bank USA (Newark, Del.) 75,052,000,000
16. Countrywide Bank (Alexandria, Va.) 73,116,000,000
17. LaSalle Bank (Chicago, Ill.) $71,061,000,000
18. National City Bank (Cleveland, Ohio) 69,482,000,000
19. Bank of America USA (Phoenix, Ariz.) 62,983,000,000
20. MBNA Corp. (Wilmington, Del.) 58,517,000,000
21. Fifth Third Bancorp (Cincinnati, Ohio) 57,613,000,000
22. North Fork Bank (Mattituck, N.Y.) 57,045,000,000
23. Bank of the West (San Francisco, Calif.) 55,158,000,000
24. Manufacturers and Traders TC (Buffalo, N.Y.) 54,391,000,000
25. Comerica (Detroit, Mich.) 53,577,000,000
26. Amsouth Bancorporation (Birmingham, Ala.) 52,570,000,000
27. Union Bank of Calif. (San Francisco, Calif.) 48,679,000,000
28. Fifth Third Bank (Grand Rapids, Mich.) 47,605,000,000
29. Northern Trust Corp. (Chicago, Ill.) 44,865,000,000
30. Citibank SD (Sioux Falls, S.D.) 44,011,000,000

The final tally: Ohio, 5; New York, 4; North Carolina and Delaware, 3 each. With all we have going on around here, what do you think of that? Are we bank-friendly? Have they helped make us everything we are today? What are your thoughts, or feelings?

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