California provides a case study of a large and diverse geographic area with few restrictions on branch banking. In spite of the lack of restrictions, branching occurred primarily in two periods, the 1920's and 1960's. Large banks took over smaller banks during these periods, but, particularly in the 1960's, new banks opened to fill the gap. Branching without limitation did not result in a few banks dominating the market.
Doti, Lynne Pierson. "Nationwide Branching: Some Lessons from California." Essays in Economic and Business History 9 (1991): 141-161.
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