When consolidation occurs, it is not uncommon for the merger to result in de novo entry to take advantage of any inefficiencies or transition difficulties of the newly consolidated enterprise. Over the past five years, for example, for every five bank mergers that have been approved, two de novo bank charters have been granted.
I would like to extend particular gratitude to our keynote speaker, Professor Frederic Mishkin of Columbia University; to our luncheon speaker, President Un-Chan Jung of Seoul National University; to President William Poole of the Federal Reserve Bank of St. Louis; and to our other chairpersons, speakers and discussants, for taking time out from their busy schedules to be with us today.