Ever wonder why the name of your bank has changed eight times since you opened an account? With all the bank mergers taking place, it can be hard to remember what your bank is called. By the time you go through a checkbook, it might have merged twice.
The bankers may not necessarily like this dynamic any more than consumers do. Consultant Salvatore Zerilli, a regulatory compliance specialist who works for Mercadien, the accounting and consulting firm at 3625 Quakerbridge Road, says small to medium-sized banks are under tremendous pressure to consolidate these days, thanks to the ever-increasing cost of complying with federal banking regulations.